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On February 14, 2024, President Yoon Suk Yeol and heads of foreign-invested companies discussed ways to improve S. Korea’s investment environment at a luncheon meeting held at the Korea Chamber of Commerce and Industry in Seoul. Upon active discussions, Yoon expressed his commitment to create a favorable business environment for foreign companies and offer tax incentives aligned with global standards. Read on to find out more.
The luncheon was hosted at the Korea Chamber of Commerce and Industry in Seoul, where representatives of 12 foreign companies and chairs of foreign chambers of commerce were in attendance. President Yoon expressed his gratitude to the companies for their contribution to Korea’s record-high foreign direct investment last year, which amounted to USD 32.72 billion. He also mentioned that exports by foreign enterprises in S. Korea account for 21 percent of the nation’s total outbound shipments. Yoon said, "You all are greatly contributing to our country's economy, and I think it is time for our government to provide systems and a regulatory environment that meet, or are more favorable than, the global standard, and not spare various tax and other support measures."
In addition, during the luncheon, Minister of Trade, Industry and Energy Ahn Duk-geun delivered a presentation on ways to encourage foreign investment to S. Korea. Participants also held active discussions on ways to increase investment in the country and offered their suggestions on how to further improve Korea’s financial, labor and energy environments to make them more attractive to foreign investors.
Representatives of companies from the United States, Japan, Saudi Arabia, Germany, and France asked Yoon to ease business regulations which are unique to S. Korea. Notably, the American Chamber of Commerce in Korea emphasized that the country’s potential to position itself as a business hub for high-tech industries could be further achieved on the back of improved regulations on network separation, lessening the complications experienced by foreign firms in terms of global cloud integration. The French Korean Chamber of Commerce and Industry highlighted the need for S. Korea to integrate global certification and standards, which would ensure equitable access for foreign companies to sandbox certain projects and national growth plans. It also suggested the establishment of a streamlined cash grant system for foreign investors, and noted that this initiative aligns with Yoon’s “Market Economic Driven Vision.”
By Grace Park
Investment PR Team, Invest KOREA
Korea Trade-Investment Promotion Agency (KOTRA)
Source: Invest KOREA Website (www.investkorea.org), Office of the President of the Republic of Korea (eng.president.go.kr),Ministry of Trade, Industry and Energy, Yonhap News Agency