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Representatives of major foreign companies and chambers of commerce in Korea, including Otis Elevator Company Korea, Siemens Korea, Fuji Xerox Korea, the American Chamber of Commerce in Korea, European Chamber of Commerce in Korea and Seoul Japan Club attended to discuss the grievances of and difficulties faced by foreign-invested companies in Korea.
Kim Chang-gyu, Director General for International Trade Policy of MOTIE, presented the investment policies of the Park Geun-hye administration to build a foreign investment-friendly environment. Kiwon Han, the Commissioner of Invest KOREA, spoke about how foreign investment in Korea is not significantly affected by North Korea-related risks and the low yen.
Foreign investment in Korea reached a record USD 16.25 billion last year, with reinvestments accounting for 45.4 percent of it, or USD 7.38 billion. Resolving the grievances of companies serves as a catalyst for investment.
KOTRA operates the Home Doctor system, in which specialists in taxation, finance, law, construction and IT provide foreign companies with one-on-one service. Since its establishment in 1999, the Home Doctor System has resolved 5,066 grievances, 348 of them being in 2012.
Foreign Investment Ombudsman Dr. Ahn Choong Yong stated that the role of foreign-invested companies is important for a creative economy and the creation of employment. He added that the Foreign Investment Advisory Council plans to enhance communication with foreign companies and solve the challenges they face to attract more investment and create jobs.
Source: KOTRA (May 16. 2013)