S. Korea heads online to attract foreign investment amid COVID-19
Arirang News
2020-12-11
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韓, 코로나19 어려움 속 외국인 투자 유지 총력
With foreign direct investment into South Korea slipping in the first half of this year amid the COVID-19 pandemic, Asia's fourth largest economy has been striving to attract foreign businesses.
With face-to-face contact being restricted, promotion events have headed online and with great success.
Kim Jae-hee has the details.
The pandemic is taking its toll on international trade and investment.
Compared to last year's six-month average, global foreign direct investment has almost halved in the January to June period this year.
And there has also been a contraction in FDI pledges to South Korea in the first half of this year.
However, FDI pledges to South Korea in the July to September period have now started to edge up, both on-year and on-quarter... largely thanks to investment in manufacturing.
Amid rising hopes for a rebound in investment, South Korea is working to further support the establishment of foreign businesses in the country,... and is doing so in a non-contact, COVID-safe way.
"South Korea's national investment promotion agency Invest Korea is using digital methods to attract foreign investment. The agency's annual Invest Korea Week was held virtually this year."
"We had over 130 million households watching this event in over 100 countries and we had over two million YouTube viewers. For business pitching sessions, 144 foreign investors, and over 200 local governments and companies has attended. 204 million U.S. dollars' worth of investments are expected to be reported within this year."
The American Chamber of Commerce in Korea says it's optimistic of a recovery in FDI in South Korea despite the challenges posed by the pandemic.
"We remain very very optimistic. I think that Korea is a very special country for foreign direct investments. The geographic proximity to the major Asian countries, outstanding human resource talent, the technological infrastructure, and a government that is working to support foreign investments."
The head of AMCHAM also said South Korea could see even greater FDI inflows by lowering the cost of doing business in the country, and improving the level of communication with foreign business communities.
Kim Jae-hee, Arirang News.
With foreign direct investment into South Korea slipping in the first half of this year amid the COVID-19 pandemic, Asia's fourth largest economy has been striving to attract foreign businesses.
With face-to-face contact being restricted, promotion events have headed online and with great success.
Kim Jae-hee has the details.
The pandemic is taking its toll on international trade and investment.
Compared to last year's six-month average, global foreign direct investment has almost halved in the January to June period this year.
And there has also been a contraction in FDI pledges to South Korea in the first half of this year.
However, FDI pledges to South Korea in the July to September period have now started to edge up, both on-year and on-quarter... largely thanks to investment in manufacturing.
Amid rising hopes for a rebound in investment, South Korea is working to further support the establishment of foreign businesses in the country,... and is doing so in a non-contact, COVID-safe way.
"South Korea's national investment promotion agency Invest Korea is using digital methods to attract foreign investment. The agency's annual Invest Korea Week was held virtually this year."
"We had over 130 million households watching this event in over 100 countries and we had over two million YouTube viewers. For business pitching sessions, 144 foreign investors, and over 200 local governments and companies has attended. 204 million U.S. dollars' worth of investments are expected to be reported within this year."
The American Chamber of Commerce in Korea says it's optimistic of a recovery in FDI in South Korea despite the challenges posed by the pandemic.
"We remain very very optimistic. I think that Korea is a very special country for foreign direct investments. The geographic proximity to the major Asian countries, outstanding human resource talent, the technological infrastructure, and a government that is working to support foreign investments."
The head of AMCHAM also said South Korea could see even greater FDI inflows by lowering the cost of doing business in the country, and improving the level of communication with foreign business communities.
Kim Jae-hee, Arirang News.
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