Ministry of Trade, Industry and Energy: "Korea is an Attractive Investment Destination... Strengthening Foreign Investment Tax Benefits and Cash Support"

'2022 Foreign Investment Week' Held in Seoul
Government: "We Will Strengthen Foreign Investment Incentive System"

October 2022 Export and Import Trends Briefing
(Seoul=Yonhap News) Moon Dong-min, Director of the Trade and Investment Office at the Ministry of Trade, Industry and Energy, is briefing on the 'October 2022 Export and Import Trends' at the Government Complex Sejong on November 1, 2022. 2022.11.1 [Provided by the Ministry of Trade, Industry and Energy. Redistribution and DB prohibited]
photo@yna.co.kr
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[Asia Economy Sejong=Reporter Lee Junhyung] The largest foreign investment attraction event in Korea was held in Seoul. The Ministry of Trade, Industry and Energy expressed its intention to strengthen incentives such as tax reductions and cash support for foreign investment at the event.

On the morning of the 2nd, the Ministry announced that it held the opening ceremony of the '2022 Foreign Investment Week (IKW)' at the Grand Intercontinental Parnas Hotel in Seoul. The opening ceremony was attended by Moon Dongmin, Director General of Trade and Investment at the Ministry, Yoo Jungyeol, President of KOTRA, and foreign journalists.

Foreign Investment Week is a government-level investor relations (IR) event that informs foreign investors about the domestic investment environment and introduces promising investment opportunities. This year’s Foreign Investment Week is held for three days from today until the 4th. The Ministry expects about 500 participants including foreign-invested companies, investors, overseas media, and domestic company officials during the event.

The event was largely composed of a global investment forum, individual investor meetings, and a foreign press briefing. The Ministry selected batteries, bio, and semiconductors as the three core advanced industries for this Foreign Investment Week. A Ministry official said, “Due to global supply chain restructuring and technological hegemony competition, the importance of foreign investment is increasing,” adding, “We expect that introducing Korea’s investment environment and opportunities will contribute to expanding investment cooperation in advanced industries and stabilizing supply chains.”

The global investment forum is expected to attract attention with a speech by Richard Baldwin, a world-renowned scholar and professor at the Graduate Institute of International and Development Studies in Geneva. Professor Baldwin will deliver the keynote speech at the forum, focusing on overcoming supply chain crises through attracting foreign investment. Stefan Pearce, IBM Partner, will introduce global trends in the semiconductor industry and propose Korea-US cooperation measures.

The Ministry showed a strong will to attract foreign investment. Director Moon said, “Korea is an open trade country that has established a high-level trade and investment network,” and “It is also an attractive investment destination with a crisis-resistant DNA and world-class innovation capabilities.” He added, “We will strengthen incentive systems such as tax reductions and cash and location support for foreign investment in advanced industries such as semiconductors, batteries, and vaccines.”

Meanwhile, Minister Lee Changyang of the Ministry of Trade, Industry and Energy originally planned to attend the opening ceremony but was absent. Instead of attending the ceremony, Minister Lee visited the site of the mining collapse accident in Bonghwa, Gyeongbuk. The Bonghwa mining collapse accident occurred around 6 p.m. on the 26th of last month at the No. 1 vertical shaft of a zinc mining site located in Jaesan-myeon, Bonghwa, Gyeongbuk, where about 900 tons of soil (estimated by the company) poured down. Currently, two workers are trapped about 190 meters underground in the No. 1 vertical shaft.

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