Industry ministry seeks to win more FDI from Oceania

All News 11:15 February 20, 2019

SEJONG, Feb. 20 (Yonhap) -- South Korea's industry ministry said Wednesday it hosted conferences in Australia and New Zealand to induce businesses from Oceania to make more foreign-direct investment (FDI) in Asia's fourth-largest economy.

The Ministry of Trade, Industry and Energy said while Australia and New Zealand accounted for 2.7 percent of its trade in 2018, the two countries were responsible for only 1 percent of the total FDI won by South Korea.

Through the conferences, the ministry said it aimed to invite competitive companies from Australia and New Zealand, in the fields of software, finance, and tourism, to South Korea.

The ministry said it is important for South Korea to forge broader ties with the two countries, especially amid the escalating uncertainties in the global market, including the Washington-Beijing trade dispute and the departure of Britain from the European Union.

South Korea is an attractive investors' destination as the country holds high-level credibility, a wide network of free-trade agreements, and competitive information technology infrastructure, the ministry said.

It added South Korea is willing to provide a wide range of incentives to foreign investors, urging more companies from Oceania to set eyes on the country as well.