Invest Korea Week 2022 shows S. Korea's attractiveness in key high-tech industries

2022 외국인 투자주간 개막... 배터리•바이오•반도체 韓 투자 집중

Even with global inflation, supply chain disruptions and rate hikes in major economies, South Korea managed to attract record-high FDI pledges last year.
Invest Korea Week 2022 kicked off on Wednesday to show why the nation is a hot destination.
Eum Ji-young takes us there.

Despite uncertainty in the global economy,... South Korea in the first nine months of this year saw more foreign direct investment pledges than ever before.
Last year's investment pledges from overseas also hit an all-time high,... recording 29-point-5 billion U.S. dollars,...up more than 42 percent on-year.
So, will this upward trend continue?
The level of interest seen at Invest Korea Week 2022 hints that it will.

"Global companies invest in all seven major fields to strengthen cooperation with Korean companies. And recently, various companies have announced plans to invest in Korea, not only for manufacturing but also for R&D."

The annual three-day event held in Seoul is the first face-to-face meeting of its kind since the start of the pandemic, with some 300 companies from home and abroad exploring investment opportunities.

"Invest Korea Week 2022 shows South Korea's attractive foreign direct investment environment and opportunities in key high-tech industries,… particularly in batteries, biotech and chips."

An official at IBM says the company already has a strong relationship with South Korea with many of its chip products being manufactured in the country.
He added, with its national strategic initiatives the U.S. is actively looking for more partnerships with South Korea.

"One of the most significant pressures on the market right now are the national strategic initiatives such as the chips act. This is causing both challenges in the short term around how to manage the shift in sourcing and in partnerships towards friendly countries away from traditional legacy partners. And then of course, this presents a tremendous opportunity."

It's not only semiconductors,...one expert in foreign direct investment says, South Korea's high-tech industries got away with the recent global supply chain crisis as they are favorable investment destinations.

"The determinants are very simple. You need to hire capable people to do what you want them to do. And in Korea, there's quite a lot of human well-educated workers and workers who are disciplined and can show up on time and do what's necessary and learn new skills. So the people is a big thing. You need a reliable infrastructure to get things in and out and Korea has a very good infrastructure. And lastly, you need to have a government that you can trust and Korea does have quite a good system of rule of law and reliability."

The Trade Ministry says, recently, South Korean firms have announced one trillion dollars worth of investments in various future industries ranging from electric cars, semiconductors, AI, and batteries over the next five years.
The government says it will actively support foreign investors and reform any unnecessary regulations.
Eum Ji-young, Arirang News.

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2022-11-02, 21:00 (KST)