KOTRA Launches 'Untact' Video Consultation Service to Attract Foreign Investment

[Asia Economy Reporter Kim Hyewon] KOTRA is implementing an 'Online Comprehensive Investment Consultation' to revitalize foreign investment attraction.

The 'KOTRA Foreign Investment Comprehensive Administrative Support Center (hereinafter referred to as the Foreign Investment Support Center),' composed of central government and local government dispatch officers, tax, legal, accounting, and location experts, announced on the 6th that it has started a video consultation service for foreign investors from this month.

The United Nations Conference on Trade and Development (UNCTAD) forecasts that global foreign direct investment (FDI) will decrease by 40% compared to last year, reaching only $1 trillion this year. The video consultation service is KOTRA's investment attraction measure to counter the contraction of FDI and the difficulty of face-to-face activities.

For online consultations, the Foreign Investment Support Center identified consultation demands from 36 investment hub trade offices worldwide since early last month. Consultation requests were received from investors in major countries such as Singapore, Tokyo, Qingdao, New York, and Frankfurt.

The first online consultation held on the 1st included German potential investor Company E in the offshore wind power sector. Experts from the Foreign Investment Support Center acted as partners, guiding the 2020 wind power complex project of domestic local governments and providing legal information necessary for establishing a new corporation.

The second video consultation will continue from the 7th. Singapore e-commerce platform investor Company S showed interest in Korea's labor system, and a labor ministry dispatch officer and labor expert will provide consulting. They will share essential information for overall management, from maternity leave regulated by employment insurance to the parental leave system.

Park Daegyu, head of the KOTRA Foreign Investment Comprehensive Administrative Support Center, said, "The Foreign Investment Support Center gathers dispatch officers from the central government and local governments, as well as experts in various fields," adding, "We will leverage the center's expertise to provide in-depth online consultation services to foreign investors."

KOTRA also produced investment promotion (IR) videos with 10 local governments. The IR videos contain strengths, industrial infrastructure, promising sectors, and key projects of each local government in 5 to 7 minutes. KOTRA distributes the videos through overseas trade offices and supports one-on-one video IR between local governments and investors as needed.

Kwon Pyungo, president of KOTRA, emphasized, "With global investment sentiment shrinking, there are concerns that our regional development projects may face setbacks," and added, "KOTRA will act as a 'one team' with local governments to overcome difficulties in attracting overseas investment."