By Kim Hyelin and Kim Hayeon

President Moon Jae-in on Feb. 17 urged foreign companies to invest more in Korea, calling the country "a stable, sustainable and attractive investment destination."

The president made the request at a meeting of senior executives of foreign-invested companies at Cheong Wa Dae, adding, "The country has a strong manufacturing industry based on advanced technological prowess and production capabilities." 

Korea also "has built an FTA (free trade agreement) platform that covers 85 percent of global GDP," he said. "It is also equipped with strong infrastructure for innovation characterized by an excellent workforce, the world's best ICT (information and communication technology) network, global entrepreneurship and a high level of intellectual property protection."

The chief executive also cited many incentives for international investors like reduced rent, tariff exemptions on capital goods and regional tax breaks. 

"In particular, despite the COVID-19 pandemic, Korea has not taken lockdown measures, maintaining an open economy that guarantees the stability of logistics and the movement of people," he said. "Thanks to this, amid the pandemic, Korea suffered the least economic damage among major countries. Our country has demonstrated a fast and strong recovery and is solidifying its position as a stable investment destination with a high sovereign credit rating."

"I hope that all of you at foreign-invested companies -- that are taking the lead among global businesses -- will become 'investment evangelists' to inform the world of Korea’s appeal as an investment destination."

James Kim, chairman and CEO of the American Chamber of Commerce in Korea, said, "Just as The New York Times moved its Asia headquarters to Seoul from Hong Kong, we will try to attract more international companies' Asia headquarters to Korea and help many small and medium companies do business." 

About 50 figures attended the meeting including those from the multinational pharmaceutical corporation Pfizer, 24 foreign-invested companies and related organizations such as the Korean Chamber of Commerce and Industry, Korea Foreign Company Association, relevant government ministries and Korea Trade-Investment Promotion Agency.

A foreign-invested company usually refers to a branch of a multinational corporation headquartered overseas with foreign investment capital of a minimum KRW 50 million and owning a 10% stake to exercise decision-making power.


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