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FKCCI met with President Yoon to discuss effective deregulation for foreign-invested companies
On February 14th, the French-Korean Chamber of Commerce and Industry (FKCCI), along with representatives from other foreign chambers in Korea and a dozen foreign-invested companies, including FKCCI’s members, Renault Korea Motors, AXA Korea, met with Korean President Yoon Seok-yeol to discuss Korea's foreign investment climate at a luncheon meeting held at the Korea Chamber of Commerce and Industry.
During a luncheon meeting, President Yoon expressed his will to provide a favorable institutional and regulatory environment that meets or exceeds global standards, as well as various tax incentives and support, to create the best investment environment for foreign-invested companies.
“Despite the global economic slowdown, Korea has attracted $32.7 billion worth of foreign direct investment and exports by foreign firms here account for 21% of the nation's total outbound shipments. In addition, foreign companies account for 6% of employment, and the employment opportunities that you provide are especially meaningful because they are high-income, high-quality jobs that are most desired by young people in Korea”.
As of 2023, the trade balance between Korea and France is expected to be worth almost €16 billion, catching up with that of Japan. In addition, the 300 French companies currently present in Korea have a cumulative turnover of 14.6 billion euros and employ more than 26,000 people.
Mr. David-Pierre Jalicon, Chairman of FKCCI, stated in the roundtable with President Yoon that France is looking for new investments in the mobility, energy, semiconductors, chemicals, and advanced materials sectors to strengthen value chains in Korea, noting that he aligns with Mr. Yoon's Market Economy Driven Vision.
"We are looking for effective deregulation such as the harmonization of global certification and standards, fair access for foreign companies to sandbox projects and national growth plans, and streamlined procedures for cash subsidies for foreign investors," advocated David-Pierre Jalicon, Chairman of FKCCI. He emphasized that these aspects continue to be viewed as barriers hindering Korea's progression into a global hub.
He also highlighted the two countries' strong focus on nuclear energy as a core to the low-carbon energy transition and cited the importance of having a robust waste management strategy as key to this.
Minister of Trade, Industry, and Energy Ahn Duk-geun presented measures to revitalize foreign investment in Korea, and representatives from foreign companies addressed their grievances and opinions on expanding investment incentives in fields such as finance, labor, and energy. Choi Sang-mok, Deputy Prime Minister and Minister of Strategy and Finance promised to prepare various support measures based on them.
