Held Workshop for foreign investment attraction managers from 40 local governments and related organizations
Bolster investment attraction by sharing FDI policy trends, strategy to attract investment by each industry, and case studies of local governments

The Ministry of Trade, Industry and Energy (Minister Ahn Duk-geun) and KOTRA (President Yu Jeong-yeol) held a "Workshop for Local Governments and Related Organizations on Attracting Foreign Investment" at Lotte Hotel in Sogong-dong, Seoul on May 10. The workshop was prepared by Invest KOREA, an agency dedicated to national foreign investment promotion, in order to strengthen the capabilities of those in charge of foreign investment attraction at local governments and develop cooperative network.

Korea's FDI exceeded USD 30 billion for two years in a row since 2022, and hit a record-high of USD 7.05 billion (declared amount) in 1Q 2024. This workshop is expected to be a springboard to continue this growth momentum in this upward trend in investment amount.

Invest KOREA introduced: FDI system and revisions to FDI Promotion Act; investment attraction process; and cash grants and locational support systems. Then, industry experts provided analysis of FDI trends in respective industry, prospects for semiconductor, AI, secondary battery, and energy, as well as direction and strategy to attract investment. Lastly, those in charge of investment attraction from Gyeonggi Free Economic Zone Authority, Incheon Free Economic Zone Authority, Gyeonggi-do Province, and Daejeon Metropolitan City presented the examples of investment attraction in their regions and know-how.

MOTIE and Invest KOREA plan to provide a venue for face-to-face exchanges in the future factoring in opinions gathered in this workshop. Also, they plan to provide online education programs so that those in charge of regional investment attraction can refer to all the time.

Commissioner Kim Tae-hyung of Invest KOREA said, "foreign investment is crucial in terms of revitalization of local economy and balanced regional development," adding that "we will keep making efforts to strengthen the capabilities of investment attraction managers and cooperate with local governments and related organizations to achieve the goal of attracting USD 35 billion in investment in the midst of heated competition of countries around the globe to attract investment."



Source: Invest KOREA (2024.05.13.)