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Parts and materials technology development
Advanced industries' foreign investment contributors awarded at Foreign Company Day 2023 2023-11-21

The Ministry of Trade, Industry and Energy (MOTIE) held Foreign Company Day 2023 on November 21 to award those who contributed to promoting foreign investment and to facilitate communication and exchanges with foreign-invested companies.

Now in its 23rd year, Foreign Company Day 2023 was attended by approximately 300 persons, including members of diplomatic missions from various countries like Italy, Switzerland and the Czech Republic, as well as the representatives of the Japanese, Canadian and Spanish Chambers of Commerce.

Foreign investments in Korea continued to break records last year and this year as well, hitting all-time highs in accumulated value for the first three quarters in 2023. Many awardees this year were recognized for their contribution to introducing overseas advanced technologies and promoting foreign investment in high-tech industries like secondary batteries, semiconductors and bio. Their operations in Korea are expected to help spur the nation's advanced industrial development and stabilize the supply chain.

A total of 42 contributors were awarded government commendations, and the Silver Tower Order of Industrial Service Merit went to Umicore’s Global R&D Vice President Son Geon-seog for his contribution to attracting investment for the establishment of a global R&D center on core parts of secondary batteries, and the Bronze Tower Order of Industrial Service Merit went to ON Semiconductor Korea’s Vice President Kim Dong-jin for his role in drawing new investments for constructing a next-generation semiconductor materials production plant.

MOTIE’s International Trade and Investment Deputy Minister Kim Wan-ki stated that “foreign investments in Korea are reaching unprecedented highs recently, and the role that foreign-invested firms play in the Korean economy is substantial,” and added that “the Government will continue to make efforts to improve the corporate investment environment through regulatory reform, attracting global talent and working with global partners for technology collaboration.” He also requested the attendees’ interest and support towards World Expo 2030 Busan.

Foreign Company Day 2023 also held a presentation session for sharing of success cases in foreign investments and panel discussions on measures to facilitate foreign investment in view of the global supply chain realignment.