Seoul: Industry Minister Kim Jung-kwan on Wednesday urged foreign companies to actively invest in South Korea's key sectors, particularly artificial intelligence (AI) and semiconductors. This call to action was made during a meeting with representatives from major international business chambers, as confirmed by Kim's office.
According to Yonhap News Agency, this gathering was the first of its kind since Kim assumed his ministerial role in July. The meeting brought together leaders from prominent foreign business groups, including the American Chamber of Commerce in Korea, the European Chamber of Commerce in Korea, the Korean-German Chamber of Commerce and Industry, the French-Korean Chamber of Commerce and Industry, the British Chamber of Commerce in Korea, the Seoul Japan Club, and the China Chamber of Commerce in Korea.
During the discussions, Kim emphasized the importance of foreign investment in advancing South Korea's strategic industries such as AI, semiconductors, and biotechnology. He assured that the South Korean government is committed to enhancing incentives and improving business conditions to attract more foreign investments.
Kim also addressed concerns related to a new labor bill, which some perceive as pro-labor. He promised that the government would actively engage with foreign businesses to develop alternative measures to alleviate any apprehensions they may have.
The labor bill in question, known as the "yellow envelope bill," was passed by the National Assembly in August. It is a revision to the Labor Union Act aimed at securing bargaining rights for indirectly employed subcontracted workers. Additionally, it prevents companies from suing unionized workers for damages or provisional seizures, a practice that has been criticized as a means to suppress strikes.