Seoul: A former industry minister has been appointed as the country's special representative tasked with promoting foreign direct investment (FDI) to South Korea, the industry ministry said Monday. Choi Joong-Kyung, who served as the knowledge economy minister in 2011, will serve as the ambassador-at-large for international investment under a one-year term, according to the Ministry of Trade, Industry and Energy.
According to Yonhap News Agency, the ministry stated that the appointment aligns with the government's efforts to proactively promote South Korea's strong economic fundamentals to the global market and maintain momentum in attracting FDI. The ministry highlighted Choi's role in engaging with foreign investors and representatives from relevant organizations. His responsibilities will include visiting FDI-related institutions overseas and meeting with key officials.
The ministry's announcement comes amid a notable increase in FDI to South Korea. The combined foreign direct investment reached US$33 billion in 2024, setting a new record by rising from US$32.7 billion recorded the previous year.