Seoul: The South Korean government will work to expand incentives for foreign investment amid growing uncertainties in global trade, the industry minister said Monday. Industry Minister Ahn Duk-geun made the remarks at a meeting with officials from foreign business chambers and foreign investment companies here, according to the Ministry of Trade, Industry and Energy.
According to Yonhap News Agency, Ahn stated that the industry ministry will actively push for stronger incentives for foreign investments, improvements in the environment for foreign investments to align with global standards, and strategic outreach efforts despite global uncertainties sparked by protectionist trade policies and shifts in the global supply chain.
In the meeting, the foreign business chambers and investment firms called on the Seoul government to ease regulations on electric vehicles (EVs), health care, and offshore wind power to facilitate further investment in the country, according to the ministry.
The ministry reported that global companies, including Singapore-based renewable energy firm Vena Energy and U.S.-based glass manufacturer Corning, announced their plans to make investments worth over a combined US$300 million in offshore wind power and advanced materials industries in South Korea.