Minister for Trade Park Jung Sung (fifth from left) on Nov. 4 poses for a group photo with officials at a ceremony for foreign investment declarations by seven global companies at the hotel Grand InterContinental Seoul Parnas in Seoul's Gangnam-gu District. (Ministry of Trade, Industry and Resources)
By Charles Audouin
Seven global companies on Nov. 4 announced plans to invest a combined USD 2 billion in Korea.
The Ministry of Trade, Industry and Resources the same day said the pledges made at a declaration ceremony for the Invest Korea Summit, the country's largest for foreign investment promotion, set a record high for the event.
Taking part in this investment round included Nscale of the U.K., Air Liquide of France, Amkor Technology of the U.S. and Tokyo Electron of Japan. They focused on promoting balanced regional development and strategic industries.
The ministry said 97% of the pledged investments were focused on regions outside the Seoul metropolitan area in a range of sectors from artificial intelligence infrastructure and advanced manufacturing to clean energy that supports such industries.
Marking its 22nd year, the event features the core themes "regions" and "artificial intelligence" (AI). About 2,000 people through Nov. 6 are expected to attend like visiting representatives from around 200 foreign investment companies, foreign-invested businesses, diplomatic missions, and officials from foreign chambers of commerce and local governments.
The event showcases new growth engines and investment opportunities across the country, with a focus on the government's "5-pole 3-special zones system" and its Manufacturing AI Transformation (M.AX) Alliance. The idea is to link industrial and regional development strategies to tangible investments by global companies through the government's three megaprojects of semiconductors, physical AI and AI data centers.
Investment briefings for local governments focus on three key sectors: semiconductors and AI; biotechnology and healthcare; and future mobility, logistics and batteries. On-site sessions on investor relations are scheduled in Gwangju and Jeollanam-do Province; Busan; Daegu and Gyeongsangbuk-do Province; and Gyeonggi-do Province.
Other events are a signing ceremony for a memorandum of understanding between the Korea Trade-Investment Promotion Agency and the Korea Data Center Council to promote investment in data centers, an investment briefing on free economic zones and the M.AX Energy Strategy Forum.
"We will write a new chapter in our growth history by combining foreign investment with AI transformation of manufacturing and the 5-pole 3-special zones system," Minister for Trade Park Jung Sung said. "We will proceed with initiatives such as the forming of M.AX clusters and RE100 industrial complexes, regulatory exemptions and licensing support through ultra-wide-area special zones, and special subsidies."
Pledged foreign investment in Korea last year surpassed a record USD 36 billion. In the first three quarters of this year, the figure was USD 22.9 billion, up 10.8% year on year.
Meanwhile, the value of foreign investment reported in Korea last year exceeded USD 36 billion, setting a record high. Through the third quarter of this year, reported investment totaled USD 22.9 billion, a 10.8% increase compared to the same period last year.
caudouin@korea.kr
