President Yoon: "Revolutionize Foreign Company Killer Regulations... Make Korea a Business-Friendly Country"

Foreign-Invested Companies Luncheon Meeting
Promises to Expand Investment Incentives and More

President Yoon Suk-yeol is speaking at a luncheon meeting with representatives of foreign-invested companies at the Chamber Lounge of the Korea Chamber of Commerce and Industry in Jung-gu, Seoul, on the 14th. [Image source=Yonhap News]

President Yoon Suk-yeol announced on the 14th that he will reform the 'killer regulations' to align with global standards and expand investment incentives to encourage foreign-invested companies to actively invest in Korea. He emphasized that unnecessary regulations will be eliminated and cash support increased to improve the investment environment, especially to further expand foreign investment in advanced industries such as semiconductors.

On the same day, President Yoon held a luncheon meeting with foreign-invested companies at the Chamber Lounge of the Korea Chamber of Commerce and Industry in Jung-gu, Seoul, stating, "We will strive to make Korea recognized as the best country in the world to do business," and requested active investment expansion in Korea.

This meeting was organized to encourage foreign-invested companies investing in Korea and to request the expansion of foreign investment in advanced industries. Foreign-invested companies refer to those in which foreign investors hold a certain percentage of shares according to the Foreign Investment Promotion Act. Representatives from chambers of commerce in Korea and 12 foreign-invested companies gathered in one place for the meeting.

Earlier, the Ministry of Trade, Industry and Energy announced in last month's business report that foreign investors investing in advanced industries such as semiconductors and supply chain sectors will be provided with investment incentives of up to 50% of the investment amount. In this regard, the government secured a budget of 200 billion KRW for foreign investment attraction incentives this year, which is four times larger than last year.

According to the Ministry of Trade, Industry and Energy, foreign direct investment (FDI) last year reached a record high of 32.72 billion USD, an increase of 7.5% compared to the previous year based on reported figures. This represents a 57.7% increase over four years. The increase in foreign investment was driven mainly by the electric and electronic sectors such as semiconductors and secondary batteries, as well as service industries including finance and insurance. Service industry investment grew thanks to investments from the Saudi Public Investment Fund (PIF) and large-scale finance and insurance investments.

At the luncheon, Minister Ahn Duk-geun of the Ministry of Trade, Industry and Energy presented the 'Foreign Investment Activation Plan,' followed by suggestions from attendees on expanding foreign investment. Foreign-invested companies offered opinions on expanding investment in various fields such as finance, labor, and energy. Listening to these, President Yoon responded by pledging to create the best investment environment by reforming regulations to meet global standards and expanding incentives.

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