Kim Sung-jin Reappointed as Foreign Investment Ombudsman... 3-Year Term

Kim Sung-jin, Foreign Investment Ombudsman
Photo by KOTRA

[Asia Economy Reporter Kim Heung-soon] KOTRA announced on the 20th that Ombudsman Kim Sung-jin has been reappointed as the 8th Foreign Investment Ombudsman. The term is three years until August 2024.

The Foreign Investment Ombudsman is appointed by the President under the Foreign Investment Promotion Act to handle difficulties faced by foreign-invested companies.

Ombudsman Kim was appointed as the 7th Foreign Investment Ombudsman in August 2018 and has contributed to resolving grievances of foreign-invested (foreign investment) companies and improving the investment environment. In May, he also signed a memorandum of understanding (MOU) with the Ministry of Justice to prevent investor-state disputes (ISD).

The Foreign Investment Ombudsman system was introduced in October 1999 to resolve difficulties faced by foreign-invested companies and provide efficient post-support. The Ombudsman has an office at KOTRA and hires specialized committee members (home doctors) in various fields to address investors' grievances.

Ombudsman Kim said, "We will proactively improve various regulations and actively respond to the difficulties of foreign-invested companies in specialized fields such as the 4th Industrial Revolution, carbon neutrality, and advanced technologies," adding, "We will continuously expand related support systems to ensure foreign-invested companies contribute to the Korean economy."

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