SEOUL– South Korea’s industry ministry said Thursday it will spare no efforts to secure more foreign direct investment (FDI) to revitalize the country’s economic growth engine and play a bigger role in the global supply chain.
Under the plan, South Korea will designate 184 items linked to key industrial areas, including materials, parts and equipment, in which the country will offer a wide array of support to foreign investors, according to the Ministry of Trade, Industry and Energy.
“Amid the COVID-19 pandemic and the protectionism, the global value chain is changing swiftly,” the ministry said in a statement. “South Korea is emerging as a major investment destination on the back of its competitiveness in manufacturing and its antivirus fight.”
The ministry said it will also support regional governments efforts to attract FDI.
Asia’s No. 4 economy won more than US$20 billion worth of FDI commitments annually from 2015-2020.
South Korea received $20.7 billion worth of FDI commitments last year, compared with $23.3 billion logged in 2019.
While foreign firms accounted for 2.2 percent of the businesses registered here in 2019, the ministry said they took up 5.6 percent of the total employment and 18.6 percent of outbound shipments.
Source: Yonhap News Agency