The industry ministry said Wednesday it will continue to make efforts to improve the business environment for foreign firms operating in South Korea, as it seeks to attract a record amount of foreign direct investment this year.

Industry Minister Ahn Duk-geun made the remark during a meeting in Seoul with representatives from foreign companies and business organizations, according to the Ministry of Trade, Industry and Energy.

“It is significant that the current administration has consistently attracted record-breaking annual amounts of foreign investment each year,” Ahn said.

He added that despite the challenging business environment, South Korea will continue efforts to attract competitive global companies with cutting-edge technologies through regulatory reforms that meet global standards.

“Under the target of hosting foreign direct investment of US$35 billion this year, we will continue to make more proactive communications with global business groups and foreign firms,” Ahn added.

During the meetin
g, participants expressed gratitude to the government for listening closely to the needs of foreign businesses and asked for the expansion of tax and financial incentives to further support their operations and investments.

Foreign direct investment pledges to South Korea, meanwhile, jumped 25.1 percent in the first quarter on-year to reach $7.05 billion, compared with $5.63 billion logged a year earlier.

Source: Yonhap News Agency