Seoul: Trade Minister Cheong In-kyo said Monday the government will make all-out efforts to attract more foreign investment and support the return of local firms from overseas. Cheong made the remarks during a policy coordination meeting with local government leaders and officials from the Korea Trade-Investment Promotion Agency (KOTRA), according to the Ministry of Trade, Industry and Energy.
According to Yonhap News Agency, Cheong emphasized the importance of expanding foreign direct investment (FDI) and supporting reshoring companies as crucial strategies for enhancing national industrial competitiveness and revitalizing regional economies. He noted that these efforts are vital, especially in the face of sudden changes in global trade conditions.
Cheong further pledged ongoing policy support in close collaboration with local governments and free economic zones. This commitment is part of a broader strategy to ensure that South Korea remains a competitive and attractive destination for foreign investors.
In 2024, South Korea achieved a record high of US$32.57 billion in FDI, the highest since records began in 1962, according to the ministry. Despite global uncertainties, the ministry assessed that FDI has remained resilient this year, highlighting that South Korea secured $6.4 billion in commitments in the first quarter alone.