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Ulsan to Operate Strategy Committee to Attract FDI

(ULSAN = Newsis) The city of Ulsan will strengthen its cooperation with relevant authorities in an effort to attract more foreign direct investment (FDI) in the region.

The city announced on February 12 that it will found a foreign investment promotion strategy committee to share information about the global economic trends and major investment promotion projects.

The committee comprises seven divisions, including the division of economic policies, industrial promotion, investment promotion, port management and fishery, transportation policies, urban development and eight relevant authorities including Korea Trade-Investment Promotion Agency (KOTRA), Korea National Oil Corporation, Administration of Ulsan Free Trade Zone, Ulsan Port Authority, Ulsan Metropolitan City Authority, Ulsan Economic Promotion Agency, Ulsan Technopark and Ulsan Development Institute.

The committe will have two regular meetings at the first and second half every year, and hold special meetings if necessary.

Its main functions include the introduction of the global economic trends and FDI-related policies, sharing of information about status of projects and investment and search on investment promotion strategies and ways of cooperation between parties.

Division of economic policies and Administration of Ulsan Free Trade Zone are carrying out lease business, and division of industrial promotion and Korea National Oil Corporation are focusing on the Northeast Oil Hub Project. Division of port management and fishery and Ulsan Port Authority are developing port’s hinterland.

The city sets to attract USD 400 million of FDI in 2014, and carry out various key tasks such as: ▲ strategic attraction of joint venture with global foreign-invest companies ▲ dispatch of customized investment promotion mission ▲ field-oriented investment information session ▲ promotion and marketing activities of global investment and infrastructure ▲ enhancement of after service for foreign-invested companies.

“We struggled to establish systematic relationship for cooperation due to the lack of standardized communication system,” said a city official. “We expect that, by strengthening communication and networking between parties, the city will be able to draw more FDI in the region.”

Meanwhile, Ulsan held the first regular meeting of the committee on February 12 and discussed key issues including the global economic trends for 2014, the city’s investment promotion projects and others.

Source Text

Source: Newsis (Feb. 12, 2014)

** This article was translated from the Korean.