A newly launched government team will quickly facilitate foreign direct investment. Shown is a group photo taken on Sept. 4 at the launching ceremony for the team at the Korea Trade Insurance Corp. in Seoul's Jongno-gu District of officials from the Ministry of Trade, Industry and Energy, foreign investment companies, Korea Trade-Investment Promotion Agency, Seoul Metropolitan Government and Ministry of Land, Infrastructure and Transport.

By Yoon Sojung

Photos = Ministry of Trade, Industry and Energy

A newly launched team will seek to boost the effectiveness of foreign direct investment (FDI) in the country and provide support.

The Ministry of Trade, Industry and Energy on Sept. 4 said in a news release that it held a launching ceremony for the team and its first planning meeting at the Korea Trade Insurance Corp. in Seoul's Jongno-gu District. Attendees included officials from the ministry, foreign investment companies, Korea Trade-Investment Promotion Agency, Seoul Metropolitan Government, Ministry of Land, Infrastructure and Transport, Chungcheongnam-do Province and Incheon Port Authority.

The team's purpose is to manage the entire process from investment reporting to project completion so that FDI proceeds swiftly and to identify and provide comprehensive support for any difficulties arising in implementation.

The first meeting saw four foreign investment companies that expressed interest to invest in the country. They shared their difficulties and requests in the investment process ranging from finding locations to lifting restrictions and supporting incentives.

The trade ministry will discuss overcoming such obstacles with related ministries, local governments and organizations and improve the FDI environment by reflecting the voices of businesses from the field.

Ryu Peob Min, the ministry's director general for cross-border investment policy, said, "To ensure that foreign investment goes smoothly per reported plans, the team will actively identify and resolve any difficulties faced by foreign investment companies and offer support through close communication with the government."

Ryu Peob Min (left), director general for cross-border investment policy at the Ministry of Trade, Industry and Energy, on Sept. 4 chairs the first meeting of the newly launched FDI support team at Korea Trade Insurance Corp. in Seoul's Jongno-gu District.