On Feb. 14, President Yoon Suk-yeol stated, “We will strive to position South Korea as the most favorable destination for businesses worldwide.”
President Yoon hosted a luncheon meeting with foreign investment company representatives at the Korea Chamber of Commerce and Industry building in the Jung district of Seoul on the same day, where he announced, “In order to create the best investment environment, we will reform regulations in line with global standards and expand incentives.”
President Yoon said, “We want to express gratitude to foreign investment companies that made historically large investments last year. Foreign investment enterprises account for 21 percent of our exports and are responsible for 6 percent of employment, making a significant contribution to our economy.”
He continued, “Now it’s the government’s turn. It seems that we should not spare various tax incentives and support for you. That is the government’s obligation to foreign investment companies that have invested in Korea in return.”
He also stated, “In areas influenced by laws and budgets, we will cooperate closely with the National Assembly to promptly create a business-friendly environment. We will actively address areas within the purview of presidential authority in terms of legislation and subordinate budgets.”
He added, “We hope that as our domestic companies invest heavily overseas and foreign investment companies also make substantial investments in our country, these efforts synergize to contribute to the economic prosperity of all liberal democratic nations, where we share values.”
At the meeting, Minister of Trade, Industry and Energy Ahn Duk-geun announced the government’s initiatives to promote foreign investment.
Foreign investment companies presented their opinions on expanding investment in various sectors, such as finance, labor, and energy, as well as expanding investment incentives.
Foreign investment companies are enterprises in which foreign investors have invested over a certain percentage according to relevant laws. Last year, foreign investment companies achieved a record-high investment amount of approximately US$32.7 billion.
The meeting was attended by representatives from 12 foreign investment companies, including James Kim, chairman of the American Chamber of Commerce in Korea; Philippe Van Hoof, chairman of the European Chamber of Commerce in Korea; and Martin Henkelmann, chairman of the Korean-German Chamber of Commerce and Industry.