Samil PwC, UOB Bank, and Kim & Chang Hold 'Korea-ASEAN Business Forum'

Discussion on Investment and Entry Strategies

On the 26th, Samil PwC announced on the 27th that it jointly held the 'Korea-ASEAN Business Forum' with UOB Bank and Kim & Chang Law Office at the Shilla Hotel in Jung-gu, Seoul.

On the 26th, at the Shilla Hotel in Jung-gu, Seoul, Steven Jung, Head of Corporate Finance and M&A Advisory at PwC Asia Pacific, delivered the opening remarks at the "Korea-ASEAN Business Forum." Photo by Samil PwC

The forum was attended by domestic and international experts in finance, accounting, and law, who explained investment and entry strategies for the ASEAN (Association of Southeast Asian Nations) market, which is emerging as a global investment destination. Steven Jung, PwC Asia-Pacific Corporate Finance and M&A Advisory Leader (Partner), emphasized, "Southeast Asia is not only a production base based on reasonable labor costs but also a huge consumer market," adding, "For successful entry, it is essential to thoroughly understand the characteristics of each market, including labor costs, regulatory environment, and investment recovery strategies, and to prepare meticulously in advance."

In the first session, government agencies and investment promotion officials from major Southeast Asian countries shared their investment environments and opportunities. Sam Cheng, UOB Bank Managing Director in charge of Foreign Direct Investment (FDI) Advisory, chaired the session and led the discussion on "Considerations Necessary for Creating Investment Opportunities in Southeast Asia." Panelists included Trevor Wong, Director for Korea and Japan at the Singapore Economic Development Board (EDB); Reza Mawastama, Seoul Director of the Indonesia Investment Promotion Center (IIPC); Kritsana Saeheng, Seoul Office Director of the Thailand Board of Investment (BOI); and Ruhizam Idris, Seoul Director of the Malaysia Investment Development Authority (MIDA).

The second session discussed financial, accounting, and legal strategies for Korean companies to successfully enter the ASEAN market. Jongnam Oh, Advisor at Kim & Chang Law Office, chaired the session on "Strategies for Korean Companies Entering the Southeast Asian Market." Panelists included Goyangsang, Head of Global Markets Korea at UOB Bank; Sunyeol Lee, Foreign Attorney at Kim & Chang Law Office; Judeok Kim, International Tax Services Leader (Partner) at Samil PwC; and Michael DC Choi, Head of M&A at the Korea Trade-Investment Promotion Agency (KOTRA).

Leader Judeok Kim advised, "Southeast Asian countries offer various tax incentives depending on their economic conditions and policies. Companies entering the local market should fully utilize the tax benefits provided by each government while preparing in advance to effectively respond to opaque tax administrations to ensure profitability is not affected."

Meanwhile, Samil PwC's Southeast Asia Business Platform provides a one-stop service covering all stages from preliminary review to investment execution, business operation, and investment recovery for companies considering expansion into the region.