Invest KOREA

Kim Sung-jin, the current foreign investment ombudsman, has been renamed as the 8th foreign investment ombudsman. His term is 3 years until August 2024.

In pursuant to the Paragraph ①, ② Article 15-2 of the Foreign Investment Promotion Act, the foreign investment ombudsman is commissioned by the President, in order to resolve grievances from foreign-invested companies.

The foreign investment ombudsman Kim was appointed as the 7th foreign investment ombudsman in August 2018, and has been endeavoring to resolve grievances of foreign investors (foreign-invested companies) and improve investment environment. He also signed a Memorandum of Understanding (MOU) with the Ministry of Justice to prevent potential investor-state disputes (IDS) in May this year.

He has been highly regarded for listening to the difficulties of foreign investors faced in regard with customs and entry/departure due to the COVID-19, providing active support.

The ombudsman system was launched in October 1999 under the Foreign Investment Promotion Act to resolve difficulties of foreign-invested companies and provide efficient aftercare support. The office is established within the Korea Trade-Investment Promotion Agency (KOTRA), dealing with difficulties of foreign investors by hiring experts ("home doctor") by field.

The foreign investment ombudsman Kim said, "I will pre-emptively improve diverse regulations and actively respond to difficulties of foreign-invested companies in specialized fields such as the fourth industrial revolution, carbon neutrality, and advanced technologies," adding "I will strive to expand relevant support systems continuously, helping foreign invested companies contribute to the Korean economy."

Source: Invest KOREA (August 20, 2021)