KOTRA Strengthens On-Site Support for Foreign Companies... Initiates Efforts to Improve Investment Environment

Operation of the On-site Support Team
Listening to Difficulties and Providing Support... Removing Obstacles to Investment

The Ministry of Trade, Industry and Energy and the Korea Trade-Investment Promotion Agency (KOTRA) will operate the On-site Support Team for Resolving Difficulties and Foreign-invested Companies (hereinafter referred to as the On-site Support Team) starting from the 26th, supporting the business activities of foreign-invested companies and working to improve the regional investment environment.

KOTRA Headquarters Exterior View

The On-site Support Team will be operated 10 times during the first half of this year, beginning with visits to foreign-invested companies located in Chungnam Province. Local governments, government ministries, and related organizations will form a one-team approach to visit foreign-invested companies, listen to their difficulties, and discuss support measures.

To respond quickly to companies’ difficulties, the On-site Support Team collects and reviews issues in advance through local governments and then resolves problems on-site. For mid- to long-term tasks requiring regulatory improvements, a dedicated PM is appointed to recommend administrative actions to the relevant ministries and continuously monitor the follow-up process.

The influence of foreign-invested companies has been growing recently. They are especially important members of our economy, significantly contributing to production, exports, and employment. Last year, the reported amount of foreign investment reached a record high of $34.5 billion (approximately 49 trillion KRW). As of the end of 2023, foreign-invested companies account for only 0.35% of the total domestic businesses, but their sales represent 10.9%, exports 20.8%, and direct employment effects 5.5%.

Accordingly, the On-site Support Team plans to directly visit and support foreign-invested companies that have made large-scale investments, companies planning additional investments, those in regionally specialized industries and advanced industries, and companies linked to supply chains. Through this, it is expected to remove obstacles to new investments, promote foreign investment, and positively impact the development of our industry.

Kim Chang-hee, Director of KOTRA’s Comprehensive Administrative Support Center, stated that through the activities of the On-site Support Team, "In the changing global trade environment, we will visit foreign-invested companies, listen to their voices on-site, and support the resolution of difficulties to help ensure stable business activities for foreign-invested companies."

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