Invest KOREA

-Participated in by CEOs of foreign-invested companies and leaders of major foreign economic groups
-Pledged to improve Korea’s investment environment by resolving the difficulties of foreign-invested companies and introducing revised policies for taxes and tariffs

The Korea Trade-Investment Promotion Agency (KOTRA, CEO Oh Young-ho) and the Ministry of Trade, Industry & Energy (MOTIE, Minister Yoon Sang-jik) co-hosted the CEO Forum for Foreign-invested Companies 2014 on November 26 at the Ritz-Carlton in Seoul in an effort to listen to the grievances of foreign-invested companies and introduce improved investment promotion policies.

The forum was attended by high-ranking officials from the government and relevant institutions including MOTIE’s 1st Vice Minister Lee Kwan-sup, KOTRA Senior Executive Vice President Ham Jeong-Oh and Chairman Ahn Choong-Young of the Korean Commission for Corporate Partnership, chairmen of foreign chambers of commerce in Korea, including President Amy Jackson of the American Chamber of Commerce in Korea (AMCHAM) and Chairman David Pierre Jalicon of the French Korean Chamber of Commerce and Industry (FKCCI), and about 200 CEOs of foreign-invested companies, including Solvay Korea CEO Andre Nothomb and CEO Mohammed Al-Hassnah of ARAMCO Asia Korea.

An annual forum that began in 2006, the CEO Forum for Foreign-Invested Companies aims to encourage foreign-invested companies to increase their investment in Korea by introducing Korea’s investment environment, explaining the direction of government policies and building friendly partnerships.

The CEOs of the foreign-invested companies were asked to continue their investment in Korea. Speakers emphasized Korea’s improving investment environment and that Korea came in the fifth in the World Bank’s Doing Business 2015 report.

Considering that the major difficulties of the foreign-invested companies are issues related to tax and tariffs, the National Tax Service (NTS) and Korea Customs Service (KCS) presented their policy directions for 2015. Director General Chung Il-Sok of the KCS Audit Policy Bureau spoke about improving tariff policies for foreign-invested companies, Director Park Suk Hyun of the NTS International Tax Resource Management Division presented on Korea’s national tax administration for promoting FDI and Chairman Ahn Choong-Young of the Korean Commission for Corporate Partnership spoke about creating shared value with foreign-invested companies.

Lee expressed his appreciation for the efforts of the CEOs of foreign-invested companies and highlighted the importance of foreign-invested companies in the Korean economy.

“The Korean government will strive to create an environment where foreign investors can continue investing in Korea,” said Lee.

“We will do our utmost to resolve the difficulties of foreign-invested companies and reduce unnecessary regulations by listening to their voices and securing a channel to communicate with the Korean government,” said Ham.