Invest KOREA

Published "Business in Korea 2024"... reflecting new support institutions such as taxation, industrial sites

KOTRA (President Yu Jeoung-yeol) published the "Business in Korea 2024". It has been published every year by the KOTRA Comprehensive Administrative Support Center for Foreign Investment, Reshoring and Talent Attraction since 2011, and has been established as a basic guide for foreign investors considering to invest in Korea.

This booklet provides information on domestic systems and practices, such as investment procedures, incentives, and business operations required for the review and execution stage of foreign investment. In particular, it included the expansion of tax breaks due to the expansion of the categories of national strategic technologies such as biopharmaceuticals and new growth and proprietary technologies. Also included are details on the nine "high-tech investment districts" designated for the purpose of promoting high-tech investment in September 2023.

The booklet will be published in four languages: Korean, English, Chinese, and Japanese, and will be distributed to companies in need through consultation with local governments, the Free Economic Zone Authorities, and diplomatic missions in Korea. It can also be downloaded for free on the website of Invest KOREA of KOTRA.

In addition, six "Guides for Foreign Investors in 2024", published by the KOTRA Comprehensive Administrative Support Center, can be found on the Invest Korea website, which contains specialized and detailed information on △ Taxation △ Customs Clearance △ Industrial Sites △ Labor Laws△ Environmental Policy △ Visa for Investing in Korea.

Kim Sun-ae, head of KOTRA's Support Center, said, "KOTRA tried to contribute to achieving the all-time high FDI last year," adding, "This year, we will continue to do our best to help attracting foreign investment by improving foreign investors' access to domestic institutions through the publication of guides and enhanced professional counseling."

Meanwhile, KOTRA's Administrative Support Center has provided one-stop consultation and administrative services related to foreign investment by KOTRA experts, officials from central governmental departments, local governments and related organizations since the establishment of the Support Center for Foreign Investment based on the Foreign Investment Promotion Act in 1998.



Source : Invest KOREA (2024.03.08.)