According to Yonhap News,

Trade Minister Cheong In-kyo said Monday the government will make all-out efforts to attract more foreign investment and support the return of local firms from overseas.

Cheong made the remarks during a policy coordination meeting with local government leaders and officials from the Korea Trade-Investment Promotion Agency (KOTRA), according to the Ministry of Trade, Industry and Energy.

"Expanding foreign direct investment (FDI) and supporting reshoring companies are keys to enhancing national industrial competitiveness and revitalizing regional economies, even in the face of abrupt changes in global trade conditions," Cheong said.

He further pledged continued policy support in close cooperation with local governments and free economic zones.

In 2024, South Korea attracted a record high US$32.57 billion in FDI, the highest since records began in 1962, according to the ministry.

Despite global uncertainties, the ministry assessed that FDI has remained resilient this year, noting that South Korea secured $6.4 billion in commitments in the first quarter alone.




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Source: Yonhap News (April 28, 2024)