Invest KOREA

According to Yonhap News,

(SEOUL=Yonhap News) The government, revamping its system to attract the regional headquarters and research and development (R&D) centers of global companies, is actively conducting investment marketing by visiting countries around the world.

According to the government, catching the attention of major players is just as important as improving investment conditions.

The Ministry of Trade, Industry and Energy (MOTIE) announced on July 17 that the government sent a delegation in early July to Europe to attract global European companies. The delegation, which included a MOTIE foreign investment manager and KOTRA officer, visited Germany, France and Belgium.

The delegation held meetings with local companies interested in investing in Korea and also visited some that are highly likely to invest in Korea.

The delegation followed a tight schedule, staying in each country for a day to have meetings and visit companies. About ten companies participated in each meeting.

The delegation emphasized Korea’s new investment policies.

The government has preannounced the revised Foreign Investment Promotion Act Enforcement Ordinance to give incentives to global companies that are transferring their regional headquarters or R&D centers to Korea.

The idea is that attracting such organizations will create more quality jobs and bring in more skilled workers.

Companies that move their headquarters or R&D centers, for example, to Korea will benefit from streamlined tax obligations and receive tax benefits, including income tax reduction for skilled foreign workers.

“Foreign companies were impressed by how high-ranking officials themselves visited their country to introduce the investment policies of Korea,” said Kwon Pyung-oh, Deputy Minister for International Trade and Investment of MOTIE.

Some companies said they will establish R&D centers in Korea later this year. Others said they will establish a Seoul branch.

The government will visit China and the United States later this year to promote investment in Korea. It also plans to hold a large-scale event in October to attract foreign companies.

prayerahn@yna.co.kr

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