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June 14, 2024

Six out of 10 foreign firms willing to invest more in Korea: KCCI

PUBLISHED : March 31, 2023 - 09:18

UPDATED : March 31, 2023 - 09:18

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Headquarters of the Korea Chamber of Commerce and Industry in Seoul (Yonhap)

More than six out of 10 foreign firms operating in Korea are considering increasing their investments here, a survey conducted by the Korea Chamber of Commerce and Industry showed Thursday.

While the Korean government has been working on attracting more foreign capital to boost the economy, many foreign-invested businesses here are positive there would be greater investments in Korea, the survey showed. The poll was conducted by the KCCI, Sookmyung Women’s University professor Oh Joon-seok and the Korea Trade-Investment Promotion Agency.

According to the survey, 64.2 percent of 95 foreign firms are willing to invest more in Korea. More than half, 53.8 percent, said they have actual plans to increase their investments in Korea.

Some 89.1 percent of the foreign firms said they are "satisfied” with their overall investments in Korea, while 71.4 percent said they are willing to encourage other firms considering the expansion of their businesses to Korea.

Foreign firms that responded to the survey listed the potential of market growth, investment incentives, increasing share in the domestic market and securing elite talent to be important factors for investing in Korea.

This showed a difference in prioritization from local firms that have branched out overseas.

For 135 Korean firms, potential of market growth, building up a global network, low labor costs and an innovative environment for research and development were important factors in making investments abroad.

Foreign firms looked to easing requirements on cash grants, tax cuts, improvement in financing environment and support for securing locations for businesses as ways to improve the government's investment incentive measure.

"We should see the recent trend in global investment environment such as the changes in the supply network and China phasing out manufacturing, to be an opportunity to secure more investments," said Lee Sang-heon, an official from the KCCI.

“To encourage more investments, we have to work on the overall measures, improving the administration infrastructure and services for investment support, and also the incentive policy,” Lee said.

Professor Oh agreed the survey shows foreign firms are willing to invest more in Korea and called for proactive measures to attract more foreign investments.

“The result shows foreign-invested firms have high satisfaction in making investments in Korea and are considering to make more investments, signaling that Korea’s investment environment has an competitive edge,” Oh said.

“We need to work on measures to attract more investments.”

The survey was conducted both online and offline from Feb. 21 to March 10 with the participation of 95 foreign-invested firms in Korea and 135 local firms that have made foreign direct investments.

By Im Eun-byel (silverstar@heraldcorp.com)

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