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SPEECHES & REMARKS
BRIEFINGS
Opening Remarks by President Moon Jae-in at Dialogue with Foreign-Invested Companies
(Unofficial translation)
AMCHAM Chairman of Board of Governors Jeffrey Jones and business leaders from foreign-invested companies, presidents of foreign chambers of commerce in Korea and officials of other associations and organizations, I am glad to meet you all.
When foreign businesses invest in Korea, they are “our companies” that join in our economic development. Your success is synonymous with the Korean economy’s progress. We are in the same boat bound by a shared destiny.
You have already become an important pillar of the Korean economy.
Foreign-invested companies account for 19 percent of Korea’s exports and 7 percent of the country’s employment. You are making great contributions to supplementing Korea’s competitiveness in its tenuous sectors such as the parts and materials industries.
Moreover, your horizontal organizational culture and women- and family-friendly policies have positive impacts on corporate culture in Korea.
Together with Korea’s economic growth, foreign investment has increased substantially. Foreign investment in Korea last year posted a record high of over US$26.9 billion. Even as foreign investments worldwide decreased as much as 19 percent due to the sluggish global economy, inbound investment in Korea increased as much as 17 percent in contrast. It is a precious achievement, indeed. It can be credited to all of you here today.
Foreign-invested businesses have also set examples by creating local jobs and promoting mutual benefits with small and medium-sized enterprises.
More than 18,000 foreign-invested companies have created 740,000 jobs in Korea. One of them hired 80 percent of its new employees from local residents, becoming an exemplary case of local-job creation. Another of them reinvested its profits gained in Korea to jointly develop technology with its partner SME. My special thanks go to them.
For our part, my Administration and local governments will support you proactively so that your steady investments and best practices can continue.
Korea makes an attractive investment destination.
First, the Korean economy has strong fundamentals.
Last year, Korea’s exports surpassed US$600 billion for the first time ever, firmly establishing Korea as the sixth largest exporter in the world. The country has also registered a trade surplus for 10 consecutive years. With its foreign exchange reserves exceeding US$400 billion for the first time, the health of Korea’s economy has been bolstered even more.
Second, Korea is armed with a high level of openness along with excellent industrial and trade infrastructure.
According to “Doing Business 2019,” a report measuring business regulations released by the World Bank, Korea ranked 5th among 190 countries on the ease of doing business. Korea tops the ranking among the G20 member states.
In addition, Korea has signed free trade agreements with 52 nations, including the United States, China and India as well as the European Union and ASEAN. As these countries account for 77 percent of the world’s gross domestic product, foreign-invested companies trying to enter global markets could find no better environment than Korea.
Third, after the inter-Korean summits last year, geopolitical risks have been drastically reduced.
Standard & Poor’s, one of the three major credit rating agencies in the world, has maintained Korea’s rating at a record-high level for the country, one that is even above that of China and Japan. The country’s credit default swap premium, which reflects the level of sovereign debt default risks, fell significantly, recording a new low since October 2007, while that of most other countries rose last year. Peace is leading to an increase in economic vitality.
Korea’s core strategy for attracting foreign investment is to help all of you succeed in the country.
Korea introduced a regulatory sandbox system this year to allow innovative products to be easily tested and launched. Some 17 cases have already been approved, and investments are being arranged. Cash subsidies designed to support foreign investment was significantly increased to 50 billion won in this year’s budget.
Unnecessary regulations will be boldly eliminated, and incentives for investment will be strengthened so that you will experience no more inconvenience when investing here than you would in your own countries. I hope that foreign-invested companies will actively utilize the regulatory sandbox system and play a bigger role in the Fourth Industrial Revolution and innovative growth.
Distinguished business leaders from foreign-invested companies,
The Korean economy has developed together with foreign-invested companies, and it will continue to do so going forward. Your success will provide a great boost to the Korean economy’s development, which in turn will open up many more business opportunities.
The Korean economy is wide open to foreign-invested companies. In particular, an economy based on peace on the Korean Peninsula will become the world’s most attractive market. I ask you to pay attention to the unlimited potential of a peace-driven economy.
The Korean Government will always strive to ensure that you can dream of many more successes and investments in the country. This meeting today is arranged to listen to your candid opinions. No matter what you have to say, I ask you to speak frankly. Thank you.
AMCHAM Chairman of Board of Governors Jeffrey Jones and business leaders from foreign-invested companies, presidents of foreign chambers of commerce in Korea and officials of other associations and organizations, I am glad to meet you all.
When foreign businesses invest in Korea, they are “our companies” that join in our economic development. Your success is synonymous with the Korean economy’s progress. We are in the same boat bound by a shared destiny.
You have already become an important pillar of the Korean economy.
Foreign-invested companies account for 19 percent of Korea’s exports and 7 percent of the country’s employment. You are making great contributions to supplementing Korea’s competitiveness in its tenuous sectors such as the parts and materials industries.
Moreover, your horizontal organizational culture and women- and family-friendly policies have positive impacts on corporate culture in Korea.
Together with Korea’s economic growth, foreign investment has increased substantially. Foreign investment in Korea last year posted a record high of over US$26.9 billion. Even as foreign investments worldwide decreased as much as 19 percent due to the sluggish global economy, inbound investment in Korea increased as much as 17 percent in contrast. It is a precious achievement, indeed. It can be credited to all of you here today.
Foreign-invested businesses have also set examples by creating local jobs and promoting mutual benefits with small and medium-sized enterprises.
More than 18,000 foreign-invested companies have created 740,000 jobs in Korea. One of them hired 80 percent of its new employees from local residents, becoming an exemplary case of local-job creation. Another of them reinvested its profits gained in Korea to jointly develop technology with its partner SME. My special thanks go to them.
For our part, my Administration and local governments will support you proactively so that your steady investments and best practices can continue.
Korea makes an attractive investment destination.
First, the Korean economy has strong fundamentals.
Last year, Korea’s exports surpassed US$600 billion for the first time ever, firmly establishing Korea as the sixth largest exporter in the world. The country has also registered a trade surplus for 10 consecutive years. With its foreign exchange reserves exceeding US$400 billion for the first time, the health of Korea’s economy has been bolstered even more.
Second, Korea is armed with a high level of openness along with excellent industrial and trade infrastructure.
According to “Doing Business 2019,” a report measuring business regulations released by the World Bank, Korea ranked 5th among 190 countries on the ease of doing business. Korea tops the ranking among the G20 member states.
In addition, Korea has signed free trade agreements with 52 nations, including the United States, China and India as well as the European Union and ASEAN. As these countries account for 77 percent of the world’s gross domestic product, foreign-invested companies trying to enter global markets could find no better environment than Korea.
Third, after the inter-Korean summits last year, geopolitical risks have been drastically reduced.
Standard & Poor’s, one of the three major credit rating agencies in the world, has maintained Korea’s rating at a record-high level for the country, one that is even above that of China and Japan. The country’s credit default swap premium, which reflects the level of sovereign debt default risks, fell significantly, recording a new low since October 2007, while that of most other countries rose last year. Peace is leading to an increase in economic vitality.
Korea’s core strategy for attracting foreign investment is to help all of you succeed in the country.
Korea introduced a regulatory sandbox system this year to allow innovative products to be easily tested and launched. Some 17 cases have already been approved, and investments are being arranged. Cash subsidies designed to support foreign investment was significantly increased to 50 billion won in this year’s budget.
Unnecessary regulations will be boldly eliminated, and incentives for investment will be strengthened so that you will experience no more inconvenience when investing here than you would in your own countries. I hope that foreign-invested companies will actively utilize the regulatory sandbox system and play a bigger role in the Fourth Industrial Revolution and innovative growth.
Distinguished business leaders from foreign-invested companies,
The Korean economy has developed together with foreign-invested companies, and it will continue to do so going forward. Your success will provide a great boost to the Korean economy’s development, which in turn will open up many more business opportunities.
The Korean economy is wide open to foreign-invested companies. In particular, an economy based on peace on the Korean Peninsula will become the world’s most attractive market. I ask you to pay attention to the unlimited potential of a peace-driven economy.
The Korean Government will always strive to ensure that you can dream of many more successes and investments in the country. This meeting today is arranged to listen to your candid opinions. No matter what you have to say, I ask you to speak frankly. Thank you.
