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Yoon promises regulatory, tax benefits for foreign-invested companies

According to Yonhap News,

President Yoon Suk Yeol pledged Wednesday to provide regulatory and tax benefits to foreign-invested companies in South Korea, citing their large contributions to the local economy.

Yoon made the promise during a luncheon meeting with the heads of key foreign-invested companies, or companies where foreign individuals or entities own or invest a large share, such as the local affiliates of U.S. semiconductor equipment maker Applied Materials and U.S. chemical company DuPont.

"You all are greatly contributing to our country's economy, and I think it is time for our government to provide systems and a regulatory environment that meet, or are more favorable than, the global standard, and not spare various tax and other support measures," he said during the meeting at the Korea Chamber of Commerce and Industry in Seoul.

"That is what I think this government should do as a benefit in return for the foreign-invested companies that have invested in the Republic of Korea."

Yoon said the government will work with the National Assembly on legislative and budgetary issues requiring its cooperation, but push ahead with measures within the president's power, including subordinate legislation, noting that foreign-invested companies account for 21 percent of the country's exports and 6 percent of its jobs.

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Source: Yonhap News (February 14, 2024)

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