SEOUL — The Ministry of Trade, Industry and Resources (MoTIR) opened South Korea’s largest investment promotion event on Thursday with the aim of attracting more strategic investments to the country.
Coinciding with the country’s hosting of the Asia-Pacific Economic Cooperation (APEC) Global CEO Summit in Gyeongju, the event will run through Friday, bringing together 2,000 participants, including officials from global and local companies, business organizations, and diplomatic missions.
“Korea is one of the most attractive destinations for global investors, and foreign investment has been a key driver of Korea’s industrial competitiveness,” according to MoTIR Vice Minister Shin-hak Moon.
“Despite global economic uncertainty, Korea will continue to strengthen advanced industry competitiveness, diversify export markets, and enhance foreign investment support systems to ensure the country remains a global business hub,” he added.
He touted South Korea’s attractive investment environments for global companies.
“According to Moody’s… Korea is rated higher than major advanced economies such as the UK, France, and Japan,” he added.
The summit started on Oct. 29 with on-site investor relations sessions by local governments. It was followed by an Investment Report and the Invest Korea Conference on the second day.
On Thursday, the event also had high-level representatives from local governments and the Free Economic Zone Authority to brief on their regions’ key industries, investment environment, and attractiveness.
According to the ministry, seven companies participated in the investment declaration ceremony, accounting for $550 million across industries like semiconductors, future mobility, offshore wind, advanced materials, K-culture-related content and food.
“Combined with the $9 billion in investment plans announced the previous day in Gyeongju under the “Global Corporate Investment Partnership,” this marks the largest-ever foreign investment commitments secured through the IKS,” the ministry added.
Last year, seven companies pledged $920 million in new investments, while two companies, HP and Vestas, located their Asia-Pacific headquarters in South Korea. — Justine Irish D. Table