Yoon: "Foreign Investment... Expanding Incentives and Supporting Permits by Improving Regulations"

President Yoon Attends 'Shahin Project' Groundbreaking Ceremony... "Strengthening Korea-Saudi Cooperation"
Promises Regulatory Improvements and Incentives for Companies Contributing to Advanced Industries and Supply Chains

President Yoon Suk-yeol stated on the 9th, "We will boldly improve regulations that do not meet global standards." Emphasizing investment and growth daily with all diplomatic efforts focused on 'economy,' President Yoon also expressed his determination to change Korea's business environment to expand foreign investment attraction.

On the morning of the same day, President Yoon attended the groundbreaking ceremony of the 'Shaheen Project,' a state-of-the-art petrochemical facility within the Ulsan S-OIL Onsan National Industrial Complex, and conveyed the government's policy to attract global corporate investment by saying, "The Shaheen Project, a representative achievement of Korea-Saudi economic diplomacy, is taking its first step today."

The Shaheen Project is a large-scale petrochemical production facility construction project in the Ulsan S-OIL Onsan National Industrial Complex. With a total investment scale of 9.3 trillion won, it is the largest foreign investment in a single project. At this event, President Yoon personally explained the background that during Crown Prince and Prime Minister Mohammed bin Salman's visit to Korea in November last year, both countries agreed to develop their relationship into a 'future-oriented strategic partnership' and decided to jointly promote large-scale economic cooperation projects in various fields such as energy, defense industry, and infrastructure. President Yoon added, "The Shaheen Project will not only greatly contribute to job creation and revitalization of the local economy but also further solidify the cooperative relationship between Korea and Saudi Arabia."

He particularly reiterated the government's commitment to attracting foreign investment. President Yoon said, "Last year, foreign direct investment in Korean companies surpassed 30 billion dollars for the first time ever, marking a record high," and added, "We will continue to do our best to create the world's best environment so that foreign-invested companies can freely conduct business activities in Korea."

[Image source=Yonhap News]

He also promised regulatory improvements to foster an investment-friendly environment. President Yoon stated, "To make the Republic of Korea the world's top innovation hub, we will boldly improve regulations that do not meet global standards." He emphasized, "We will strengthen communication to improve the business conditions and support the difficulties of foreign-invested companies and firmly provide incentives to companies contributing to advanced industries and supply chain stability."

Before attending the groundbreaking ceremony, President Yoon held a preliminary meeting with Amin Nasser, CEO of the global company Aramco. President Yoon said, "The Shaheen Project symbolizes that Korea and Saudi Arabia are smoothly progressing on a journey to create tangible results together," and added, "We will expand incentives for foreign investment and provide meticulous support to ensure that various permits and approvals proceed smoothly."

The government expects that once the Shaheen Project is completed, the latest process, which increases the yield of naphtha production extracted from crude oil by about three times, will be commercialized for the first time in the world, producing industrial raw materials at maximum capacity. It will be the world's largest single facility and achieve world-class energy efficiency. Chain economic effects are also anticipated. During the construction period, it is estimated that the local construction market will be revitalized with an effect of up to 3 trillion won, and Korea's exports are expected to increase by about 900 million dollars.

A presidential office official stated, "Following President Yoon's directive, the government plans to revise the 'Foreign Investment Promotion Act Enforcement Decree' within this year to strengthen incentives for foreign investment aimed at advanced technology, new industry transition, and supply chain stability," and added, "The Ministry of Trade, Industry and Energy, which held a meeting with foreign-invested companies in February, plans to regularize such meetings semiannually to expand regular and continuous communication twice a year."

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