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S. Korea vows more incentives for foreign investment in key areas

All News 11:00 February 23, 2023

SEOUL, Feb. 23 (Yonhap) -- South Korea's trade minister said Thursday the government will provide more incentives to overseas businesses investing in high-end industries playing key roles in the supply chain, as the country aims to attract more investment amid economic uncertainties.

Trade Minister Ahn Duk-geun made the remark in a statement released ahead of his planned meeting with foreign business organizations later in the day, where the country plans to share its vision to become a "global hub of innovation."

"We plan to support business activities of foreign businesses, who have made investments here by trusting South Korea," Ahn said.

"South Korea will also make proactive efforts to revamp supportive measures and improve the investment environment to further prop up foreign investment that contributes to the country's economic growth," he said.

Foreigners, meanwhile, pledged to invest a record $30.45 billion here in 2022, up 3.2 percent from a year earlier, the data by the Ministry of Trade, Industry and Energy showed last month. The previous record high was $29.51 billion in 2021.

The trade ministry said South Korea will continue to make the market more accessible for overseas investors by providing more legal information in English, as well as expanding communication with foreign companies.

This file photo released by the Ministry of Trade, Industry and Energy on Jan. 30, 2023, shows Trade Minister Ahn Duk-geun. (PHOTO NOT FOR SALE) (Yonhap)

This file photo released by the Ministry of Trade, Industry and Energy on Jan. 30, 2023, shows Trade Minister Ahn Duk-geun. (PHOTO NOT FOR SALE) (Yonhap)

colin@yna.co.kr
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