According to Yonhap News,

On March 6, the Ministry of Trade, Industry and Energy (MOTIE) announced that it held a field meeting with foreign-invested companies at Danfoss Korea, an energy solutions company located in Jung-gu, Seoul, and discussed ways to expand research and development (R&D) activities for foreign-invested companies with advanced technologies.

MOTIE established a dedicated global industrial technology-linked R&D program for foreign-invested companies last year and has strengthened its support, increasing the budget from KRW 1.5 billion last year to KRW 3.5 billion this year.

To attract advanced industry R&D centers, the ministry has raised the national government’s cash support rate for non-capital regions from 60% to 75% this year. Additionally, the maximum cash support for R&D centers focused on advanced strategic technologies has been increased from 40% to 75%.

Furthermore, MOTIE plans to form a "Global Innovation Investment Alliance" and actively promote networking between foreign-invested companies and domestic industries, academia, and research organizations in order to expand the participation of foreign-invested companies in the R&D ecosystem.

On March 10, the ministry is set to open a call for participation in the R&D program for foreign-invested companies through the Korea Planning & uation Institute of Industrial Technology (keit.re.kr).

Meanwhile, the Korea Trade-Investment Promotion Agency (KOTRA) announced that it published the "Foreign Investment Guide 2025," which reflects newly launched foreign investment support systems, in Korean, English, Chinese, and Japanese versions.

KOTRA has also published seven practical guidebooks on taxation, customs, location, labor relations, environmental policies, visas, and corporate establishment, as well as a foreign investment FAQ.

These publications can be downloaded for free from KOTRA’s Invest KOREA website (investkorea.org).

dkkim@yna.co.kr

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Source: Yonhap News (March 6, 2024)

** This article was translated from Korean.