Invest KOREA

(SEOUL=Yonhap News) 'Seoul Foreign-Invested Companies' Day 2016', an event to cite companies that have contributed to Seoul's economic and social development, was held on November 7, 2016.

In the event held for the first time this year, Mayoral Citations were awarded in three categories: investment promotion, job creation and corporate social responsibility (CSR).

Grevin Korea received a citation for investment promotion for attracting more than 100 thound foriegn visitors annually and diversifying Seoul's tourism contents through investment of KRW 19 billion.

Citation for job creation went to Industrial and Commercial Bank of China (ICBC) that created 60 employment by investing around KRW 1 billion over the past 5 years.

ICBC Seoul has continuously participated in the job fair for global companies since 2013 and took the lead in creating jobs for youth and female workers, according to the Seoul Metropolitan Government.

Herbert Smith Freehills (HSF) won the CSR citation in recognition of its services to the homeless and North Korean refugees.

Since its establishment in Seoul in 2013, HSF has donated over USD 2 billion to the 'House of Anna", a charity which helps homeless people.

At the 47th Foreign Investors' Consultative Meeting held prior to the citation ceremoney, a survey results on factors affecting investment decision were announced.

In a poll conducted among 106 executives at forign invested companies in Seoul, 25.5% of respondents ansewred that they consider the relative size of the domestic market the most when deciding investment. 20.8% picked political and social stability while 17.8% selected government regulation and credible policies.

Foreign investors gave 3.41 out of 5 for their satisfaction on Seoul's investment environment. High labor cost and rising rent as well as negative perception on foreign capital were pointed out as unfavorable factors.

94.2% answered they increased or maintained the amount of investment in the past three years. For future prospect, 49.4% responded they expect increase in investment over the next three years.

tsl@yna.co.kr

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Source Text

Source: Yonhap News (Nov. 7, 2016)

** This article is translated from Korean.