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S. Korea reaffirms favorable business environment for foreign firms

According to Yonhap News,

SEOUL, Nov. 4 (Yonhap) -- South Korea said Monday it will continue making efforts to provide a favorable business environment for foreign companies to woo more offshore investment to Asia's No. 4 economy.

"South Korea is an attractive destination for investors, boasting the world's first commercialization of the fifth-generation network, along with the vast overseas free trade network," said Vice Industry Minister Cheong Seung-il during a ceremony to commemorate the annual Foreign Company Day.

"Through regulatory sandbox programs and incentives, South Korea will become the optimal destination for foreign firms, also providing them with the world's most innovative and stable business environment," he added.

Regulatory sandbox programs are designed to provide companies with more leeway to commercialize new technologies in the market, free from existing regulations.

The vice minister added foreign companies are crucial partners, especially for South Korea's mainstay industries, including the chip, car and energy segments.

The foreign direct investment pledged here reached a record high US$26.9 billion last year, according to the Ministry of Trade, Industry and Energy.

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Source: Yonhap News (Nov 4, 2019)

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