South Korea continues to see a rise in foreign direct investments. According to the Ministry of Trade, Industry and Energy, net FDI increased by $11.5 million in the second quarter of 2023.
“Our job is to deliver accurate information at the right time. We help investors take advantage of what's on the table and use the information to their maximum advantage so we can build trust. Our goal is to work together from start to finish,” Invest KOREA (IK) Commissioner Tae Hyung Kim told GMI POST.
A part of the Korea Trade-Investment Promotion Agency (KOTRA), IK is the national agency in charge of bringing in foreign capital. It provides comprehensive support at all stages, including feasibility studies, investment execution (i.e. the establishment of the investing entity, and legal consultation), to grievance resolution.
Among IK’s key strengths is its extensive global network. It has 36 overseas offices, all of which are staffed by KOTRA employees, public officials dispatched from related government ministries and agencies, and private sector experts. This diverse and highly skilled team is well-equipped to provide tailored support and guidance to foreign investors, ensuring their successful entry and growth in the Korean market.
On South Korea's relationship with the United States, the largest contributor of FDI in the country, Kim said IK has built a strong and reliable relationship with the United States for more than eight decades.
As the United States pivots back to Asia-Pacific, according to Kim, IK has stepped up its efforts to publicize fresh investment opportunities in South Korea and drive the economic partnership forward.
"Korea offers world-class digital infrastructure for foreign direct investment. Subsidy programs and tax incentives cater to the expectations of investors in advanced sectors. What makes Korea distinct, however, is our highly educated talent. Korea has the highest proportion of young talent with high school diplomas and bachelor's degrees among OECD (members),” Kim said.
