Foreign Investment Increases Over 5,000 Times in 59 Years
[Sejong=Asia Economy Reporter Kwon Haeyoung] Domestic foreign investment has increased more than 5,000 times since the first investment was made in 1962.
The Ministry of Trade, Industry and Energy disclosed the scale of foreign investment at the 'Foreign Companies Day' ceremony held on the 2nd at the Grand Intercontinental Parnas Hotel in Seoul.
The first case of foreign direct investment (FDI) in Korea was $3 million reported by Asia Motors Industry in 1962. That year, Korea's total FDI performance (based on reports) was $4 million. FDI has since rapidly increased, recording $20.75 billion last year, and this year’s performance reached $18.21 billion up to the third quarter.
Foreign-invested companies currently account for 12% of domestic sales, 5% of employment, and 19.4% of exports, establishing themselves as an important pillar of the Korean economy.
Yeo Hangoo, Director General of Trade Negotiations at the Ministry of Trade, Industry and Energy, said, "Foreign-invested companies have become reliable partners in stabilizing the supply chain of materials, parts, and equipment, promoting the Korean New Deal project, and building a global vaccine hub," and added, "We will create a leading investment ecosystem, strengthen communication with foreign investors, and innovate regulations to make Korea a globally stable and attractive investment platform."
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At the event, awards were presented to 44 individuals who contributed to attracting foreign investment. Choi Taebong, CEO of Webasto Korea Holdings, who attracted a total investment of $17.1 million to establish a manufacturing plant for electric vehicle battery pack systems in Dangjin, Chungnam, and introduced advanced technology, received the Silver Tower Order of Industrial Service Merit. The Bronze Tower Order of Industrial Service Merit was awarded to Won Jehyung, CEO of Tokyo Electron Korea, who attracted $30 million in investment to establish a research center and develop semiconductor manufacturing processes, contributing to the advancement of domestic semiconductor manufacturing technology.
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