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16,000 Foreign-invested Companies Driving 13% of Sales of Korea
Date
2016.11.25
Views
1469
According to Yonhap News, 


(SEOUL=Yonhap News) The Ministry of Trade, Infrastructure, and Energy announced that 52 people were awarded at the 'Foreign Company Day 2016' ceremony held on November 22, 2016 at the Ritz-Carlton Hotel, Seoul.

Kim Won-kyu, CEO of Chinese-invested JCET-STATS ChipPAC Korea, was awarded the Silver Tower Order of Industrial Service Merit in recognition of his contribution to attracting USD 133 million of foreign investment.

He was acknowledged for his contribution to generating added value of back-end process of semiconductor manufacturing through efforts including establishment of a new research and development center for semiconductor packaging technology.

The Bronze Tower Order of Industrial Service Merit went to Lee Man-kyu, CEO of Emerson Pacific, for his role in leading resort business with Chinese investors. He raised USD 153 million in foreign investment from Chinese investment institutions and expanded leisure and resort business.

Six business leaders including Vice President of BASF Korea, Korean unit of the German-based chemical firm, received Industrial Service Medals.

The 16th Foreign Company Day event was attended by around 400 guests, including Jeong Marn-ki, First Vice Minister of Trade, Industry and Energy, Kim Jin-cheol, President of the Korea Foreign Company Association, Gerhard Sabathil, European Union Ambassador to Korea, and John Schuldt, President of the American Chamber of Commerce in Korea.

Currently, around 16,000 foreign-invested companies are registered in Korea. They collectively account for 13% of Korea's total sales, 18% of exports, and 6% of employment. Foreign direct investment (FDI) in Korea exceeded $ 20 billion for the first time in history last year, up 13.4 percent from a year earlier. Accumulated FDI until the third quarter of this year amounted to USD 15.05 billion, up 13.4% year over year.

Vice Minister Jeong Marn-ki said in his congratulatory remarks, "It is encouraging that foreign direct investment is improving not only in quantity but also in quality, as we can see from increasing investment in high value-added new industries and service industries."

cool@yna.co.kr

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Source Text


Source: Yonhap News (Nov. 22, 2016)

** This article is translated from Korean.

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