Last Year, 406 Complaints from Foreign-Invested Companies Handled... Government to Actively Create an Attractive Investment Environment

Ministry of Trade, Industry and Energy, 114th Foreign Investment Committee
Deliberation and Resolution on 2024 Foreign Investment Promotion Policies

The government has handled 406 grievances from foreign-invested companies last year through the Foreign Investment Ombudsman.

On the 5th, the Ministry of Trade, Industry and Energy held the 114th Foreign Investment Committee meeting in writing, received a report on the annual activities of the Foreign Investment Ombudsman, including grievance handling performance for improving the foreign investment environment, and deliberated and resolved the "Basic Directions and Policies for Promoting Foreign Investment in 2024."

First, the Ministry of Trade, Industry and Energy presented the goal of strengthening foreign direct investment attraction for a global innovation hub through the 2024 foreign investment promotion policies, and prepared detailed tasks such as ▲strategic attraction activities ▲strengthening support systems for foreign investment ▲improving the foreign investment environment.

Accordingly, to strengthen supply chains and secure advanced technologies through attracting foreign investment, 100 core companies will be selected, and high-level communication or small-scale, close-knit attraction activities will be actively carried out. In addition, to expand investment attraction of core companies in advanced industries, the cash support budget will be significantly increased from 50 billion KRW in 2023 to 200 billion KRW this year, and a dedicated research and development (R&D) project for foreign-invested companies will be newly established to revitalize domestic R&D investment by global companies.

Kim Seong-jin, the Foreign Investment Ombudsman, reported a total of 406 grievance handling activities in 2023, including 18 system improvements. The grievance handling performance last year increased by 4.9% compared to the previous year. The Foreign Investment Ombudsman was introduced in 1999 to actively address difficulties faced by foreign-invested companies.

An official from the Ministry of Trade, Industry and Energy said, "We will faithfully implement the 2024 foreign investment promotion policies approved through this Foreign Investment Committee meeting, and based on the active grievance handling activities of the Foreign Investment Ombudsman, we will actively create a more attractive investment environment for foreign-invested companies."

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