The Ministry of Trade, Industry and Energy held this year’s third Foreign Investment Committee meeting and finalized a set of measures to improve Korea’s business environment and infrastructure for foreign investment.
With the aim of creating quality jobs and leading the transition to the creative economy, the Ministry mapped out top priority tasks in collaboration with related agencies and local governments. As part of efforts to promote foreign investment, Korea will introduce an ‘Asia Regional Headquarter Program’ later this year. Under the new program, companies that set up a regional headquarters in Korea may apply for a comprehensive package including cash grants from the government. The Ministry will also work with competitive materials and parts suppliers based in the United States and Germany to explore and develop investment opportunities in Korea.
To better lure high quality investment, Korea plans to reorganize its foreign investment support system to focus on job creation and innovation. Under the new system, foreign companies who have contributed to the local economy will enjoy further support from the government. In addition, the Ministry will take a two-track approach – setting up task force teams tailored to meet investors’ needs while actively developing large-scale overseas investment promotion activities.
In an effort to improve investment conditions and remove obstacles to foreign investment, steps under consideration include lowering the minimum share required for a third generation subsidiary of a joint investment company to establish its subsidiaries to 50 percent. In order to enhance living conditions for expatriate employees in Korea, MOTIE plans to attract more foreign schools, provide better medical services and create a more English-friendly environment. The Ministry is also committed to assisting foreign businesses in their efforts to recruit skilled personnel.
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