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200 representatives of the national and local governments, FEZ authorities attend
First conference between local governments and the investment promotion officers held, focuses support on local governments' foreign investment promotion efforts
On December 8, the Korea Trade-Investment Promotion Agency (KOTRA) held an annual information event on strategies to attract foreign direct investment (FDI) at the agency's headquarters in Seoul, to help organizations in Korea involved in attracting foreign investment to establish strategies for the coming year.
Attended by some 200 investment promotion representatives of the national government, local governments, Free Economic Zone (FEZ) authorities, and the Korea Chamber of Commerce and Industry (KCCI), this year's event, now in its fifth year, featured presentations on the global economy and FDI prospects, strategies for attracting investment from major global regions, local governments' investment promotion strategies, as well as foreign investment companies' strategies for investing in Korea.
For the event, 32 KOTRA investment promotion officers in charge of attracting foreign investment from overseas locations visited Korea, and discussed FDI trends by region, Korea's inbound investment trends, in addition to promising areas of investment for each overseas office and target companies. KOTRA has designated 36 overseas offices in 20 major countries as Investment Promotion Offices that focus in attracting foreign investment to Korea.
KOTRA's exclusive inbound foreign investment promotion arm Invest KOREA presented means to strengthen its role as the national inbound foreign investment promotion platform and create jobs. KOTRA plans to upgrade and revitalize its investment promotion process by enhancing its domestic and overseas infrastructure for attracting foreign investment, and supporting the globalization of startups and SMEs in 11 new growth industries through the attraction of foreign investment. It also plans to continue carrying out its Job Fair for Foreign-Invested Companies, and other job creation projects through foreign-invested companies.
With the global economy expected to start recovering next year, it is more important than ever for institutions involved in attracting foreign investment to cooperate and establish diversified strategies.
Kim Yong-kook, head of Invest KOREA, noted, "Foreign investment is another axis that sustains the globalization and growth of Korea's economy," adding, "KOTRA will revitalize its efforts to attract foreign investment by expanding the Invest KOREA Market Place (IKMP) project for focusing support for startups and SMEs, and strengthen cooperation with local governments and FEZ authorities to attract target industries customized for local demand, and thereby faithfully carry out is role as the national investment promotion agency."
Source: Invest Korea (Dec. 8, 2017)