Yoon Meets Foreign Companies: "Providing Institutional and Regulatory Environment More Favorable Than Global Standards" (Comprehensive)

Foreign-Invested Companies Luncheon Meeting
"No Hesitation in Taxation and Support"

President Yoon Suk-yeol is making closing remarks 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 so-called 'killer regulations' to align with global standards and expand investment incentives to encourage foreign-invested companies to actively invest in Korea. He emphasized that efforts will be intensified to improve the investment environment by eliminating unnecessary regulations and expanding tax support, especially to further increase 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, and stated that the government will create an environment where they can actively invest domestically by providing systems and regulatory environments more favorable than global standards.

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, as defined by the Foreign Investment Promotion Act. Representatives from chambers of commerce in Korea and 12 foreign-invested companies gathered at the meeting.

President Yoon explained, "Despite the global economic downturn, our country has received a substantial investment of 32.7 billion dollars," adding, "Foreign-invested companies account for 21% of our country's exports and 6% of employment." He continued, "This is a tremendous contribution to our economy," emphasizing, "The employment opportunities you provide are high-income, quality jobs that are highly preferred by young Koreans, which makes it even more meaningful."

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

Yoon: "Now It's the Government's Turn... Cooperation with the National Assembly to Create a Business Environment"

President Yoon stated, "Now it is the government's turn. We must provide systems and regulatory environments that meet or are more favorable than global standards to help you conduct business in Korea, and we should not hesitate to offer various tax benefits and support," adding, "I believe this is the reciprocal benefit that this government must provide to foreign-invested companies investing in Korea."

President Yoon promised to spare no support in creating an environment where foreign-invested companies can actively invest domestically. He said, "For areas governed by laws and budgets, we will cooperate closely with the National Assembly to quickly create a business environment for you," and added, "For areas under presidential jurisdiction, such as regulations and subordinate budgets, we will actively resolve issues."

Furthermore, President Yoon added, "Korean companies are also investing heavily overseas, and foreign-invested companies are investing significantly in Korea. Ultimately, I hope these synergies will contribute not only to the Korean economy but also to the economic prosperity of the Indo-Pacific region, the global community, and all liberal countries that share our values, and that we can all work together toward this goal."

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]

Earlier, the Ministry of Trade, Industry and Energy announced in last month's work report that foreign investors investing in advanced industries such as semiconductors and supply chains will be provided with investment incentives of up to 50% of their investment amount. In this regard, the government has secured a budget of 20 billion won for foreign investment attraction incentives this year, which is four times larger than last year.

At the luncheon, Minister of Trade, Industry and Energy Ahn Duk-geun presented the 'Plan to Revitalize Foreign Investment,' followed by suggestions from attendees on expanding foreign investment. Foreign-invested companies proposed opinions on expanding investment in various fields such as finance, labor, and energy. Listening attentively, President Yoon responded, "We will actively support you so that you can conduct your business in a much better environment than now."

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