Yoon urges increased foreign investments in Korea for mutual prosperity of free nations

By Park Jae-hyuk, The Korea Times - President Yoon Suk Yeol asked foreign companies in Korea to continue investing in the country not only for the Korean economy but also for the prosperity of other free democratic nations in the Indo-Pacific and beyond, the presidential office said, Wednesday.

He made the request to representatives of foreign firms during a luncheon at the Korea Chamber of Commerce and Industry (KCCI) in Seoul.

The presidential office said Yoon promised to create a business environment that is conducive to foreign companies and offer tax incentives aligned with global standards.

“Regarding laws and budgets, I will create a better business environment as soon as possible in collaboration with the National Assembly,” the president said. “Regarding presidential decrees, we will do our best.”

He also expressed his gratitude for $32.7 billion worth of foreign investments in Korea last year and the fact that exports by foreign firms here account for 21 percent of the nation’s total outbound shipments.

Representatives of companies from the U.S., Japan, Saudi Arabia and Europe, including Germany and France, asked Yoon to ease business regulations that are unique to Korea.

American Chamber of Commerce in Korea (AMCHAM) Chairman James Kim criticized Korea’s foreign exchange regulations for imposing excessive burdens on companies in terms of management time and operating costs. Additionally, he highlighted concerns about the country's network separation regulations, which he argued complicate global cloud integration for foreign firms.

“These regulations restrict Korea’s potential to position itself as a business hub for high-tech industries which are so important for Korea,” the AMCHAM chairman was quoted as saying by the chamber's spokesperson.

He also unveiled AMCHAM’s plan to publish a report outlining how Korea could enhance its position to make foreign firms establish their Asian headquarters here, according to the spokesperson.

The heads of foreign chambers and representatives of 12 foreign companies also attended the luncheon and discussed Korea's business environment.

“Our CEO talked about the need for companies to satisfy environmental standards,” the Korean-German Chamber of Commerce and Industry spokesperson said.

French Korean Chamber of Commerce and Industry Chairman David-Pierre Jalicon emphasized the need to integrate global certification and standards, ensuring equitable access for foreign companies to sandbox projects and national growth plans, and establishing a streamlined cash grant system for foreign investors. He noted that this vision aligns with Yoon's "Market Economic Driven Vision."

There were no representatives from the China Chamber of Commerce in Korea (CCCK) or any other Chinese businesspeople attending the luncheon.

Last month, when representatives of foreign chambers in Korea met KCCI Chairman Chey Tae-won, who has emphasized the importance of the Chinese market, CCCK Vice Chairman Eric Ma attended the event. The CCCK chairman also attended former President Moon Jae-in's luncheon with foreign company representatives in February 2022.

It remains uncertain whether the Chinese New Year holidays that last until Feb. 17 or political reasons prevented the CCCK from sending its representative to the luncheon. The chamber was unavailable for comment on the matter.

During the luncheon, Minister of Trade, Industry and Energy Ahn Duk-geun gave a presentation on ways to encourage foreign investments in Korea. The participants also had discussions on how to increase investments here and improve Korea’s financial, labor and energy environments.

Source: https://koreatimes.co.kr/www/tech/2024/02/419_368792.html?utm_source=nans 

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