Korea’s government expands support for foreign companies

18. February 2021

The government announced an expansion of support for foreign companies based or doing business in South Korea in early February. In light of the pandemic, the country is encouraging investment, particularly for digital and “green” industries in line with a major investment project, the “New Deal” initiative. Trade Minister Yoo Myung-hee said at a meeting with the Korea Foreign Company Association (FORCA) that despite the challenges posed by Covid-19, foreign investors have increased their involvement in semiconductors and chips, biotechnology, and green vehicles and batteries. The minister pointed out that in 2020, foreign firms accounted for 5.6 percent of the workforce as well as 18.6 percent of imports.

 

 

Overall, foreign direct investment (FDI) in Korea in 2020 declined 11 percent year-on-year due to the coronavirus pandemic and global recession. As the fourth largest economy in Asia, South Korea received $20.7 billion in foreign investment last year, down from $23.3 billion in 2019. Still, this is the sixth consecutive year Korea has secured more than $20 billion in investment. Later this year, the South Korean government will offer more opportunities for business activities by foreign companies in line with the “New Deal” initiative. The “New Deal” initiative, unveiled last year, consists of four pillars: Promoting digital and “green” businesses; strengthening job security and social benefits; and balanced regional development. The government will announce further details for foreign direct investment (FDI) promotion in March.

South Korea is considered one of the most important and innovative industrialized nations in the world. To gain market access to this highly technological country, products imported into South Korea must be tested and certified.

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