By Lee Kyoung Mi

President Yoon Suk Yeol on Feb. 14 pledged to executives of foreign-invested companies that he will create a world-class business environment in the country, asking them to invest more in Korea.

The president said this at a luncheon hosted by the Korea Chamber of Commerce and Industry in Seoul's Jung-gu District for the heads of foreign-invested companies and foreign commerce chambers in the country. "We will strive to make Korea the world's best country to do business in," he added.

The event's purpose was to encourage such companies and urge them to expand foreign investment in cutting-edge sectors.

President Yoon thanked the companies for making a record USD 32.7 billion in foreign investment last year despite the sluggish global economy, saying, "We will provide more favorable systems and a regulatory environment that exceed global standards to help expand your business in Korea."

He also pledged more deregulation and incentives for foreign investment. "We will do everything to provide tax incentives and support," he added.

Attending the luncheon were the heads of foreign chambers of commerce like James Kim from the American Chamber of Commerce in Korea, Philippe Van Hoof of the European Chamber of Commerce in Korea and Kazuhiro Iguchi of Seoul Japan Club. Executives from 12 foreign-invested companies there included GM Korea CEO Hector Villarreal and S-Oil CEO Anwar A. Al-Hejazi.

The Korean attendees were led by Deputy Prime Minister and Minister of Economy and Finance Choi Sang Mok and Minister of Trade, Industry and Energy Ahn Dukgeun.

km137426@korea.kr