Foreign Investment in Manufacturing Hits Record High in First Half of Year… Jeong In-gyo: "We Will Create an Attractive Trade and Investment Environment"

Integrated Meeting of Foreign Chambers of Commerce and Foreign-Invested Companies in Korea

The Ministry of Trade, Industry and Energy announced that Jung In-kyo, Chief Negotiator for Trade, held a meeting on the 5th at the Korea Chamber of Commerce and Industry located in Jung-gu, Seoul, with representatives from foreign-invested companies and foreign chambers of commerce in Korea to discuss expanding foreign investment.

At the meeting, Chief Jung stated, "Since the launch of this government, we have achieved record-high foreign investment attraction every year, and in the first half of this year, foreign investment in the manufacturing sector focused on advanced industries reached $8.13 billion, setting a new record." He added, "This is an achievement that demonstrates Korea's potential as a key hub in the global supply chain amid its restructuring."

Jung In-kyo, Director General for Trade Negotiations. (File photo)

He continued, "The trade policy roadmap announced by the government last month is the first trade strategy prepared for Korea to advance as a global central trade nation," emphasizing, "We will significantly expand the accessible markets for companies using Korea as a base and create an attractive trade and investment environment to enable stable management strategies."

Additionally, Chief Jung introduced support services such as grievance handling for foreign-invested companies (KOTRA Ombudsman) and administrative and residential environment support (Comprehensive Administrative Support Center). He also shared achievements in institutional improvements to expand foreign investment, including revising laws to allow the supply of state-owned land within economic free zones to foreign-invested companies.

Representatives from foreign-invested companies attending the meeting expressed their gratitude for the Korean government's efforts to create a business-friendly environment and suggested expanding tax support, deregulation, and financial support to enable freer business activities and increased investment.

Based on the issues raised at this meeting, the Ministry of Trade, Industry and Energy plans to continuously improve the investment environment for foreign-invested companies and, taking advantage of the 'Invest Korea Summit' scheduled for November this year, actively promote Korea's investment environment and broaden the foundation for foreign investment promotion through strengthening networking between foreign investors and domestic institutions and companies.