Dear Readers,

•    I’m happy to greet you again through KOTRA Express.
•    This year, we’ve seen significant changes throughout the world. The convergence of technologies has been blurring the lines among industries, as characterized by the Fourth Industrial Revolution. Since this term was first introduced by Klaus Schwab, founder and executive chairman of the World Economic Forum, governments and business leaders have increasingly focused on adopting the latest technologies to reap the economic benefits. The global economy is evolving into a new platform for innovation.
•    Against this backdrop, Korea has solid foundations to usher in the digital transformation. The country ranked first in added value, employment and patents in the ICT sector in the OECD Digital Economy Outlook 2017. It also boasts a premier talent pool with the world’s second-largest R&D investment ratio to GDP. Its extensive FTA network with 52 countries is another reason why the country is a promising investment destination.
•    On that note, the Korean government and KOTRA are sparing no effort to nurture emerging industries that will lead the Fourth Industrial Revolution. Earlier this year, the Restriction of Special Taxation Act was enacted to provide incentives for foreign direct investment in 37 specific areas of 11 new industries. These include future cars, artificial intelligence and next-generation software systems. Keeping up with this new trend, KOTRA has been stepping up efforts to promote investment in the relevant sectors.
•    Through its 127 business centers located in 86 countries, KOTRA will continue to serve as a platform for enhanced cooperation between global companies and Korea’s small and medium-sized enterprises. I genuinely hope that KOTRA Express will help you get a closer look at Korea’s exciting trade and investment environment.

Sincerely,


Jaehong Kim
President & CEO of KOTRA