Ministry of Trade, Industry and Energy

Minister for Trade Inkyo Cheong held a conference today at the Korea Chamber of Commerce and Industry (KCCI) with foreign-invested companies and KCCI personnel on measures to expand foreign direct investment (FDI) under the aim of nurturing Korea into a business and investment hub amid the vastly changing paradigm of the global trade order.

Trade Minister Cheong noted how the Yoon administration is achieving fresh FDI highs each year since taking office, with this year’s advanced manufacturing sector enjoying an all-time high FDI for the first half (H1), displaying Korea’s potential as a supply chain hub.

Introducing the Trade Policy Roadmap announced by the Government last month, the trade chief shared plans to drastically expand markets accessible to Korea-based firms and foster an attractive trade and investment environment suitable for the stable development of management strategies.

Next, he introduced the Korea Trade-Investment Promotion Agency (KOTRA)’s Foreign Investment Ombudsman and Foreign Investor Support Office (FISO) services, as well as the amendment (January 2024) permitting the lease and sale of state and public property in Korea’s free economic zones (FEZs) to foreign-invested businesses. 

Foreign-invested companies attending the conference expressed appreciation over the Korean government’s efforts to create a business-friendly environment and suggested incentives like tax credit, deregulation, and increased funding to promote freedom of management activities and expand investment.

Based on suggestions from this conference, the Ministry of Trade, Industry and Energy (MOTIE) will continue efforts to improve the foreign investor environment. On the occasion of the Invest KOREA Summit slated for November, the ministry also plans to actively promote Korea’s investment environment and build up networking among foreign investors and Korea’s public-private entities with aim to broaden the base for foreign investment attraction.