This image provided by the Ministry of Trade, Industry and Energy shows the poster of the Invest Korea Summit that kicked off in Seoul on Nov. 6, 2024, for a three-day run. (Image courtesy of Yonhap)
SEOUL, Nov. 6 (Korea Bizwire) — South Korea’s industry ministry launched a conference on Wednesday, highlighting the government’s efforts to attract foreign direct investment (FDI) by creating a favorable business environment.
The annual Invest Korea Summit kicked off in Seoul for a three-day run, drawing over 2,000 participants from global companies and governments, according to the Ministry of Trade, Industry and Energy.
“Amid the rapidly changing global environment, South Korea is the optimal partner for foreign investors,” Industry Minister Ahn Duk-geun said in a statement.
Ahn added that South Korea will continue efforts to become a global investment hub driven by cutting-edge industries while maintaining a stable business environment and lifting unnecessary regulations.
During the event, South Korea unveiled seven new FDI projects with a combined value of US$920 million, including investment in semiconductor equipment, auto parts and offshore power generation industries.
FDI pledges to South Korea, meanwhile, jumped 5.2 percent over the January-September period, driven by the robust performance of the manufacturing sector.
South Korea received $25.18 billion in FDI commitments during the first nine months of 2024, the highest amount since the country began compiling the data in 1962, government data showed last month.
The government added it plans to maintain the momentum to achieve a record FDI performance for all of 2024 and to emerge as a key player in the global supply chain for cutting-edge industries.
(Yonhap)
