Ministry of Trade, Industry and Energy

Minister for Trade, Industry and Energy Dukgeun Ahn of the Republic of Korea held a foreign investment strategy meeting today in Seoul with the participation of representatives from foreign-invested companies and the foreign chambers of commerce in Korea.

At the meeting, the above representatives expressed appreciation towards the Korean government’s efforts to foster a business-friendly environment and suggested measures for stronger incentives and the easing of regulations regarding electric vehicles (EVs), healthcare, and offshore wind power, as well as the improvement of conditions for foreign investors’ settlement in Korea.

Noting the global rise of uncertainties such as protectionism and supply chain shifts, Minister Ahn stated that the Ministry of Trade, Industry and Energy (MOTIE) intends to drastically increase incentives for foreign investors, improve the investment environment in accordance with global standards, and carry out strategic outreach activities irrespective of internal and external changes in an effort to spur foreign investment.

On the occasion of today’s meeting, MOTIE also announced that global companies including Vena Energy and Corning submitted investment declarations to Korea worth USD 0.3 billion in the areas of offshore wind power and advanced materials.