Invest KOREA

First launched in 2006 as Foreign Investment Week, the 2023 Invest KOREA Summit was held for the 19th year in South Korea’s second largest city of Busan, as part of efforts to support the city’s bid for World Expo 2030.

Hosted by the Ministry of Trade, Industry and Energy and organized by Invest KOREA, the national investment promotion agency within the Korea Trade-Investment Promotion Agency (KOTRA), the three-day summit featured an array of events such as the Invest Korea Conference, a foreign press conference, the foreign-company job fair, townhall meetings, investment seminars, and exhibition booths organized by local governments and Korean companies.

This year’s summit kicked off with the Foreign Press Conference at the historic Nurimaru APEC House, against the backdrop of the beautiful Busan oceanfront. At this event, First Vice Minister of Trade, Industry and Energy Jang Young-jin, spoke with foreign journalists on Korea’s trade policies and plans to attract foreign direct investment (FDI).

Notably, Jang mentioned the government’s strict stance on militant labor unions as part of efforts to better the country’s business environment. He added that the government is not considering building a trade barrier like that of the US Inflation Reduction Act, since it is difficult for Korea to take a stance similar to those of the US and Europe, but rather, opts for open trade and investment environments.

In response to questions from Thai and Vietnamese reporters regarding Korea's investment in Southeast Asia, the vice minister emphasized the importance of this region, saying that bilateral trade between Korea and ASEAN nations has grown rapidly over the years.

Reporters from press agencies in Japan and China were also interested in Korea’s trade policies which have changed significantly since the inauguration of President Yoon Suk Yeol last year. Jang said, “Japan is good at materials, components and equipment, while Korea is good at end products, so there is room for additional cooperation between the two countries,” and added, “Regarding Korea’s cooperation with China, we will continue cooperating and talking with our largest trade partner, although we acknowledge the political tensions between the US and China.”

At the Invest Korea Conference, the highlight of the summit, Prime Minister Han Duck-soo said in his congratulatory speech, that the latest foreign investments will accelerate the eco-friendly transformation of Korea’s industrial structure, allowing the nation’s high-tech industries to grow further. The Prime Minister also added that the Korean government has defined obstacles to investments as so-called 'killer regulations,' which should be abolished. As co-chair of the bid committee, he also sought support for Busan's efforts, so that Korea's experience of achieving the "Miracle on the Han River" can be shared with the world.

Minister of Trade, Industry and Energy Bang Moon-kyu detailed the government’s plan to foster the country’s high-tech sectors in his opening remarks, and said the government will enhance tax incentives for foreign investment.

Invest KOREA Commissioner Dr. Tae Hyung Kim delivered a compelling presentation on Korea’s remarkable journey toward economic growth and sustainability over the last 70 years, and gave the audience an inside look at the country’s attractiveness as an investment destination, detailing the Korea’s technological prowess, outstanding human resources, and robust economy.

Furthermore, executives from Samsung Electronics, Doosan Enerbility and multiple foreign companies successfully doing business in Korea, such as Applied Materials and Umicore, provided insight into the country’s flagship industries as well as potential investment opportunities for the future.

Notably, at the summit, five foreign companies made their commitments to invest a combined USD 940 million into Korea's advanced technology sectors. Thailand-based B.Grimm Power and Spain's Ocean Winds announced a project to establish offshore wind power facilities, which are expected to help Korea expand its use of renewable energy sources. Also, Renault Motors vowed to transform its existing production lines to manufacture eco-friendly cars, and US-based real estate developer Hines submitted plans to establish an R&D center for quantum computing technologies in the port city as well. Furthermore, Japanese company TOK Advanced Materials Co. unveiled its plans to establish a new photoresist production line for semiconductor manufacturing.