Ulsan's Strong Momentum in Attracting Foreign Investment Continues

Attracting 800 Million Dollars in Foreign Direct Investment Last Year

Ulsan City Hall exterior view. (Photo by Ulsan City)

[Asia Economy Yeongnam Reporting Headquarters Reporter Yoon Yoseop] Ulsan City continues its favorable trend in attracting foreign investment, having secured 800 million dollars in foreign direct investment last year.

Ulsan City announced on the 7th that last year, foreign direct investment reached 11 companies and 801.89 million dollars, exceeding the foreign investment attraction target of 500 million dollars for the third consecutive year, following 540 million dollars in 2017 and 853 million dollars in 2018.

Ulsan achieved this result despite challenging investment attraction conditions, such as the abolition of corporate tax reductions for foreign-invested companies last year and Japan's export restriction policies.

The amount of foreign investment reported by country is as follows: ▲Kuwait 457.95 million dollars ▲United States 161.75 million dollars ▲Germany 159.25 million dollars ▲Singapore 18.08 million dollars ▲China 2.88 million dollars ▲Finland 1.82 million dollars ▲Philippines 90 thousand dollars ▲France 70 thousand dollars.

The amount of foreign investment reported by industry is: ▲Chemical and machinery sectors 639.9 million dollars ▲Bio industry 161.75 million dollars ▲Distribution and service industries 240 thousand dollars.

Ulsan City views its strategy of expanding investment countries and diversifying industries into bio industry and distribution and service sectors as having a positive impact.

In June last year, Ulsan Mayor Song Cheol-ho led an investment attraction delegation to Russia, the Netherlands, and Denmark, signing a strategic investment cooperation memorandum of understanding (MOU) worth 500 billion won with the Netherlands’ leading polypropylene and polyolefin technology company, LyondellBasell. Through this, it is expected to induce about 5 trillion won in direct and indirect production and create employment for about 1,200 people by 2025.

Kim Yeon-ok, head of Ulsan City's Investment Exchange Division, said, “Although the environment for attracting foreign investment is expected to remain difficult this year, we will do our best to attract new industries to strengthen regional industrial competitiveness.”

This content was produced with the assistance of AI translation services.