GSFIC

MOTIE ADJUSTED "CASH AID" UP TO 40% FOR THE FOREIGN COMPANIES IN THE FIELD OF MATERIALS, COMPONENTS, AND EQUIPMENT

• MOTIE held the Foreign Investment Council, which about 500 guests attended, at the Korea Trade Insurance Corporation-the persons concerned in 17 local governments and metropolitan cities, Free Economic Zone Authorities and foreign investment attraction. In the face of increased uncertainty in the foreign investment environment such as recent Japan's export restrictions, long-term US-China trade conflict, global recession, and etc., this council was designed to explore new foreign policy directions, to discuss, accordingly, the reform of incentive system and to check this year's investment promotion project.

• Saying that the role of foreign investment is even greater in a time when the domestic and international economic environment is very difficult, an investment officer asked for efforts to achieve more than $20 billion in foreign investment for five consecutive years with a focus on attracting foreign companies for materials, parts and equipment. And he also requested letting the foreign companies, that have already invested, including Japanese foreign businesses, have no inconvenience in business activities and active support for the planned additional investment to be realized without any problems.

• MOTIE and Local Government Bodies ,through this council ,decided to team up with KOTRA to intensively attract foreign companies in the field of materials, parts, and equipment, and to concentrate on attracting ability from the stage of target selection. MOTIE and Local Government Authorities plan to actively resolve individually corporate difficulties such as increasing the cash support for materials, parts, and equipment from 30% to 40% compared to the investment scale and shortening the period of approval process required for factory establishment.

• Besides, MOTIE will hold IR in the countries such as China(October in 2019), the United States(November in 2019), and the UK(at the early of 2020) to respond more effectively to the FDI environment that has been shrinking globally and continue to induce the foreign-invested companies to make increased investment through the meetings with them.

※More information can be found on http://www.motie.go.kr