Yoo Myung-hee "To Announce 'Foreign Investment Attraction Roadmap' This March"

Presentation of 2021 Foreign Investment Attraction Policy Directions at the New Year Meeting of Foreign-Invested Companies

Yoo Myung-hee, Chief Negotiator of the Ministry of Trade, Industry and Energy. (File photo)

[Sejong=Asia Economy Reporter Joo Sang-don] Yoo Myung-hee, head of the Trade Negotiation Headquarters at the Ministry of Trade, Industry and Energy, announced on the 3rd, "We plan to prepare a foreign investment attraction roadmap and announce it in March this year."

Head Yoo made this remark while attending the New Year's meeting for foreign-invested companies, which was attended by major foreign chambers of commerce in Korea and representatives of foreign-invested companies.

The foreign investment attraction roadmap is expected to include ▲foreign investment policies and attraction strategies linked to domestic industry and regional policies such as the Korean New Deal ▲support measures for fostering advanced industries, workforce development, and technological advancement.

In his congratulatory speech, Head Yoo stated, "Last year, foreign direct investment reached $20.8 billion, marking six consecutive years of exceeding $20 billion. It accounts for 10.8% of domestic sales, 5.6% of employment, and 18.6% of exports, establishing itself as an important pillar of our economy." He expressed gratitude, saying, "Despite the difficult conditions caused by COVID-19, the proportion of foreign investment in new industries such as semiconductors, bio, eco-friendly vehicles, secondary batteries, and advanced materials, parts, and equipment sectors increased compared to the previous year, contributing to industrial development and the creation of quality jobs."

Regarding this year's foreign investment policy direction, he explained, "In line with the promotion of large-scale projects such as the Korean New Deal, we will create opportunities to coexist with foreign-invested companies equipped with core technologies and personnel in the green and digital sectors." He added, "We will attract semiconductor, bio, and future car industries, which have significant job creation and economic inducement effects, to the 'Advanced Investment Zone' and promote the 'global factoryization of advanced companies.'

Additionally, the Ministry of Trade, Industry and Energy plans to strengthen support to nurture excellent personnel in the research and development (R&D) field to be matched with foreign-invested companies and expand communication channels with foreign-invested companies to actively identify and resolve difficulties.

Head Yoo said, "The Korean government will overcome the current COVID crisis and prepare for the post-COVID era by uniting and cooperating with companies from around the world to restore economic vitality and achieve a new leap forward," and added, "We expect active investment and participation from foreign-invested companies."

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