Emerging fortress of progress: Delegates gather at the acclaimed Invest Korea Summit 2023, which graced the vibrant city of Busan. Currently campaigning for the 2030 World Expo, Busan is a leading logistics hub within Asia, underpinning the Korean industrial sphere with its robust foundation.
Busan, South Korea is on a steadfast track to establish itself as a universal epicenter for path-breaking tech advancements, buoyed by the relentless support from international coalitions prepared to escalate their investments in the nation’s economic prosperity and competitive prowess. South Korea’s blueprint also entails fostering a robust bond with its Asean allies to spur the growth of trade and investment. Thailand’s Eastern Economic Corridor (EEC) in Rayong province has piqued their interest for automobile investment.
The esteemed Invest Korea Summit 2023, masterminded by the Korea Trade-Investment Promotion Agency (KOTRA), was a grand magnet for participants from renowned economic giants, namely the USA, Europe, China, and Japan. KOTRA, South Korea’s crown jewel in investment promotions, is civically obligated to bolster foreign enterprise within Korea. Championing its investment sphere by endorsing consultative services, KOTRA guides potential investors from decision-making to operational commencement.
In the trenches of the global economics battlefield, US-China rivalry forebodes a lull in this year’s economic growth, as per Jang Young Jin, the esteemed 1st Vice-Minister of the Ministry of Trade, Industry, and Energy. South Korea, however, counters this by striving to sculpt an investor-friendly panorama, leveraging on bilateral free trade agreements consolidating twenty nations, inclusive of tax amnesty and other financial incentives. The fruits of these initiatives proudly vaunt a significant uptick in foreign direct investment (FDI), primarily oriented towards semiconductors, now surpassing a total of US$23.9 billion.
As Mr. Jin specifies, South Korea’s pursuit of international trade investment, penetration into untapped markets, and supply chain fortification remains undeterred. As per the Asean dialogue on trade and investment cooperation, he envisages immense potential in Asean to magnetize trade and investment, buttressed by the skyrocketing trade trajectory between Korea and Asean countries. Additionally, escalating production overheads and competitive enhancements in China have catalyzed Korea and other nations to reorient their investment strategies to the Asean region.
A government spokesperson also hinted at South Korea’s compelling interest in advancing technology development and investing in the automotive sector within the EEC in Rayong. Part of the transformative Thailand 4.0 initiative, the EEC Development Plan seeks to revamp the Eastern Seaboard, the heart of Thailand’s industrial production for over thirty years. This initiative is foreseen to be a torchbearer of Thailand’s metamorphosis in physical and social infrastructure investment, with a primary focus on three eastern provinces, namely Chachoengsao, Chon Buri, and Rayong.
Continuing its strides in the investment arena, South Korea is hailed for achieving record-breaking FDI, spearheading progress in the high-tech sector in symbiosis with global partners. In 2022, statistics demonstrate a surge in advanced industry investment by 2.93%, investment in material components and equipment by 45.2%, with 51.85% allocated towards other diverse categories.
Guiding proceedings, Korean Prime Minister Han Duck-soo affirmed the government’s commitment to propel investment and position the country as a global cradle for advanced technology. His vision is to incubate trust within investors, facilitating their journeys further via regulatory improvements aiding in red tape elimination. Korea’s prime digital capabilities, being a global numero uno, add heft to such claims of being a global hub for high-tech industries.
Investment prospects are already in line, as four overseas corporations have expressed intent to funnel over $900 million in fields like energy, future mobility, semiconductors, and ICT. The pouring investments hail from Japan, the US, Spain and B.Grimm Power, indicating a bright future for the kinetic energy sector as well.
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