Invest KOREA

According to Yonhap News,

Six out of 10 foreign-invested companies in Korea turned out to be considering investment expansion in Korea, according to one survey.

The Korea Chamber of Commerce and Industry (KCCI), together with Prof. Oh Jun-seok at Sook-myung Women's University and the Korea Trade-Investment Promotion Agency (KOTRA), released the finding of a survey of 95 foreign-invested firms on investment decision factors.

Among the respondents, 64.2 percent said they intend to increase their investment in the country from now on, and 53.8 percent replied they, effectively, plan to invest more in the country. In addition, 89.1% were satisfied with their overall investment in Korea.

In terms of investment factors, the most considered were market growth potential (55.1%), investment incentives (53.9%), domestic market entry (49.4%), and securing talented labor (44.9%), in the order.

Moreover, top government policy factors were the attractiveness of investment incentives (68.8%), lack of regulatory issues (64.5%), and convenience of obtaining administrative and regulatory information (61.3%).

In the meantime, policies required for improving the investment incentive system, the most mentioned, were easing requirements for cash support (69.1%) and strengthening tax cuts (69.1%).

Some argued that it is necessary to boost financing support (57.4%) and to expand location support (47.9%).

Professor Oh said, "That foreign-invested firms are highly satisfied with the investments in Korea and are considering further investment implies the Korean investment climate has the competitiveness edge."

rice@yna.co.kr

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Source: Yonhap News (Mar. 30, 2023)