Seoul: South Korea will work to reform its regulations on foreign investment in an effort to enhance the country's competitiveness as a destination for global investment, the industry ministry said Thursday. A meeting was held to identify regulations that may be unfair to foreign companies or do not align with global standards, involving officials from the American Chamber of Commerce in Korea, the European Chamber of Commerce in Korea, the Seoul Japan Club and other related institutions.
According to Yonhap News Agency, the Ministry of Trade, Industry and Energy stated that it will work to bolster Seoul's credit standing and its attractiveness as a global investment destination by removing or improving such regulations. In 2024, foreign-invested firms accounted for 11 percent of the annual revenue raised by all companies in South Korea. These firms also contributed to 6 percent of total employment and were responsible for 21 percent of exports last year.