President Yoon Suk Yeol hosted a luncheon meeting on Wednesday, Feb. 14, inviting executives of foreign-invested companies operating in cutting-edge industries. The purpose of this meeting was to encourage foreign-invested companies to invest in Korea and to request an expansion in foreign-investment within cutting-edge sectors.

Before the formal luncheon, President Yoon thanked the companies that had taken the initiative last year, believing in the potential of the Korean market, and contributed to making a record of approximately USD 32.7 billion in foreign investment. He stated, ¡°Foreign-invested companies not only account for 21% of our country¡¯s exports but also provide 6% of employment, offering good job opportunities for young people.¡± Moreover, he emphasized the willingness of the government to provide support, stating, ¡°Now it is the government¡¯s turn.¡±

President Yoon pledged to make changes to foster the best investment environment, stating, ¡°We will ensure that we provide favorable systems and a regulatory environment that not only align with global standards but surpass them to help expand your businesses in Korea.¡±

He added, ¡°If you address what needs to be improved, we believe that we can create new global standards, rather than merely keeping up with global standards,¡± demonstrating a willingness to accommodate suggestions actively. He continued, ¡°We will strive to ensure Korea is recognized as the world¡¯s best country to do business in.¡±

At the luncheon, Minister of Trade, Industry and Energy Ahn Dukgeun delivered a presentation on ¡°Measures to Activate Foreign Investment,¡± followed by discussions among attendees regarding suggestions for expanding foreign investment. Foreign-invested companies attending the luncheon offered their insights on expanding investment across diverse sectors, including finance, labor and energy, and advocating for broader incentives for foreign investment.

Attending the luncheon were the heads of major chambers of commerce in Korea, including James Kim, Chairman of the American Chamber of Commerce in Korea (AMCHAM); Philippe Van Hoof, Chairperson of the European Chamber of Commerce in Korea (EUCCK); Dr. Martin Henkelmann, President of the Korean-German Chamber of Commerce and Industry (KGCCI); David-Pierre Jalicon, Chairman of the French Korean Chamber of Commerce and Industry (FKCCI); and Kazuhiro Iguchi, Chairman of the Seoul Japan Club. Additionally, executives from 12 foreign-invested companies included Park Kwang-sun, CEO of Applied Materials Korea; Hector Villarreal, CEO of GM Korea; and Anwar A. Al-Hejazi, CEO of S-Oil. Attendees from the Korean government were Deputy Prime Minister and Minister of Economy and Finance Choi Sang-mok and Minister of Trade, Industry and Energy Dukgeun Ahn. Attendees from the Presidential Office were Lee Kwan-sup, Presidential Chief of Staff; Sung Tae-yoon, Director of National Policy, and Park Chun-sup, Senior Secretary to the President for Economic Affairs, were present.