Invest KOREA

KOTRA publishes collection of foreign-invested company success cases

On July 4, KOTRA published its 2017 Collection of Foreign-invested Company Success Stories, which relates the first-hand experiences of foreign-invested companies in Korea that have shared in the pains and pleasures of the country throughout its economic development. The book is a collection of interviews with the companies that were first published in the English monthly KOTRA Express for the past three years. Readers will be able to travel back in time to when foreign investment was unheard of in Korea and learn how it evolved into an attractive investment hub throughout the decades along with the growth of foreign-invested companies.

The companies in the collection all agreed that Korea is one of the best locations to manufacture world-class products. And not only is it an early-adapter market that is sensitive to the latest technology, the high standards of many consumers make it an an ideal test-bed before expanding into global markets. Moreover, with an FTA (free trade agreement) network that covers 75 percent of global territory, Korea is acting as a bridgehead for advancing into the major markets around the world.

German-based inspection and product certification company TUV SUD Korea was attracted to Korea's vast FTA network. An increase in Korean exports due to free trade meant that there would also be more products that need certification to meet local or international standards. TUV SUD Korea President and CEO Stefan Rentsch noted, "Korea, the world’s eighth largest trading nation with an extensive FTA network, is the perfect pace to expand businesses.

Foreign-invested banks are also playing an important role in contributing to the society and creating jobs. Staying faithful to the company’s slogan--A Better Life, A Better World--Panasonic Korea is carrying out a number of CSR (corporate social responsibility) activities to help the less fortunate, including donating digital cameras to underprivileged youth staying in care facilities throughout the country. But the company does not stop at donating its products. It strives to bring about lasting change through various follow-up measures such as photo contests so that the cameras help the youth gain inspiration and confidence.

Established as an affiliate of Japan's Toray Group, Toray Advanced Materials Korea (TAK) has made repeated investments in Korea for the past twenty years, thereby creating jobs and contributing to the development of the local materials industry. The company is currently hiring at four production plants in Gumi, North Gyeongsang Province, and has plans to establish a new plant in Saemangeum. According to TAK Vice President and COO Hae Sang Jeon, "A well-educated and highly qualified workforce is a compelling reason to do business in Korea."

In the preface to the collection, Kim Yong Kook, head of Invest KOREA, emphasized, "foreign-invested companies take up only 2.1 percent of the businesses in Korea, but they play a significant role in the local economy, accounting for 21 percent of all exports and 5.8 percent of employment," expressing that he "hopes the collection will help Koreans see foreign-invested companies in a new light by highlighting their positive effects," and asks readers to notice the various contributions foreign direct investment (FDI) continues to make on the Korean economy and society.

Source: Invest KOREA (July 4, 2017)