Invest KOREA

Celebrating its 20th anniversary, the annual Invest KOREA Summit was hosted by the Ministry of Trade, Industry and Energy and organized by Invest KOREA, the national investment promotion arm of the Korea Trade-Investment Promotion Agency (KOTRA). The event highlighted the Korean government’s efforts to attract foreign direct investment (FDI) and create a more favorable business environment for foreign companies and investors.

The three-day summit featured an array of events such as the Invest Korea Conference, a foreign press conference, startup seminars, townhall meetings, one-on-one B2B meetings, and exhibition booths organized by local governments and Korean companies.

In a congratulatory speech, Minister of Trade, Industry and Energy Ahn Duk-geun said, “Amid the rapidly changing global environment, South Korea is the optimal partner for the success of foreign investors.” He stressed the importance of consolidating policy efforts to grow as a hub for global business, and highlighted the government’s aim to strengthen advanced industry capabilities, innovate technology and talent, establish a stable trade foundation, and carry out deregulation to realize this goal.

Notably, seven new FDI projects were unveiled during the summit, including investments in flagship industries like semiconductor equipment, auto parts, and offshore power generation.

In an investment declaration ceremony, substantial investment commitments amounting to a total value of USD 920 million were made. For instance, Japanese company Towa, which is a global leader in molding equipment for advanced semiconductors like high bandwith memory (HBM), revealed the decision to expand its Cheonan plant in South Chungcheong Province to meet the increased HBM production capacity of domestic semiconductor giants. Other large investments include those from German automotive electronics company Prettl, Norway’s Equinor, Denmark’s CIP, Sweden’s Hexicon, Singapore’s Kendal Square, and the UAE’s DP World.

Meanwhile, FDI pledges to South Korea jumped 5.2 percent in the January to September period this year on the back of the manufacturing sector’s strong performance. The country received USD 25.18 billion in FDI commitments during the first nine months of 2024, an all-time high since relevant data was first compiled in 1962.

The Korean government has expressed plans to maintain this momentum to achieve a record-high FDI performance in 2024 and emerge as a key player in the global supply chain for cutting-edge industries. To this end, this year’s Invest KOREA Summit is expected to have ripple effects in encouraging more FDI inflows into the country, and reinforce Korea’s position as a global business hub and a prime investment destination for high-tech companies from around the world.