News & Event
- News & Event
According to Newsis,
Jeju Special Self-Governing Province decided to operate the prior evaluation system for foreign-invested companies from this month in a bid to attract high-quality foreign direct investment (FDI), according to the province Tuesday.
Jeju has attracted a whopping 5.6 trillion won FDI from 12 companies since 2010, prompted by a massive inflow of Chinese capital. However, as some raise concerns over the transparency of speculative capital flows, the province decided to evaluate the credibility of foreign-invested companies.
It will utilize the credit evaluation service, provided by Korea Trade Insurance Corporation, to identify the credit and investment capability of foreign companies and the website (www.hoovers.com) that offers financial reports of world’s major companies to get information on their fiscal condition via the Korea Trade-Investment Promotion Agency (KOTRA).
In addition, Jeju will KOTRA’s worldwide network of offices to confirm the reputation of foreign companies in the local community.
It will also cooperate with Jeju Free International City Development Center to assess the feasibility of foreign companies’ business plans.
Based on the assessment, it will come into the final conclusion on the investment at the evaluation committee for foreign-invested companies.
Source: Newsis (Feb. 12, 2013)
** This is the translation of a Korean article.