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FKCCI addresses investment challenges with Korean Minister of Trade, Industry and Energy (MOTIE)

FKCCI addresses investment challenges with Korean Minister of Trade, Industry and Energy (MOTIE)

On April 3rd, the French Korean Chamber of Commerce and Industry (FKCCI) engaged in discussions on ways to further expand foreign investment in Korea at the roundtable hosted by Mr. Ahn Deok-geun, the Korean minister of Trade, Industry and Energy (MOTIE). This meeting followed up on discussions initiated by President Yoon Seok-yeol on February 14th, aiming to directly address grievances and suggestions from foreign-invested companies and resolve practical difficulties faced by them. 

The event was attended by PARK Dukryul, Director General for Cross-border Investment policy at MOTIE, KIM Sung Jin, Foreign Investment Ombudsman, and over 20 representatives of foreign chambers and foreign-invested companies in key industries, including valued FKCCI members Guillaume Mirabaud, CEO of AXA Korea, and LEE Haejin, Vice President of Renault Korea Motors.  

Minister Ahn highlighted during his statements, "It is encouraging that our current government has attracted the largest amount of foreign investment every year." He added, "We will continue to actively communicate with foreign businesses in Korea in view of our USD 35 billion foreign investment target this year,” articulating the following measures for nurturing Korea into a more appealing and stable investment environment: draw global companies’ investment to create an industrial ecosystem with supply chain resiliency and advanced technological competitiveness; push regulatory reform in alignment with global standards; and build a business-friendly support system that can impress customers. 

The FKCCI, represented by Mr. David-Pierre Jalicon, FKCCI's Chairman, was present to actively advocate for the interests of its 450 members and the French business community members in Korea by building upon discussions from the recent meeting with President Yoon.  

During their visit to Jingwan Temple, the foreign investors experienced traditional temple culture and following the visit, they had the occasion to share the challenges they encounter in practice, delving into issues encompassing renewable energy like offshore wind energy and nuclear energy, skilled talent acquisition and retention, and logistics.  

AXA Korea raised concerns regarding financial network segregation, suggesting that the government align with current global standards and promote fair and transparent market competition as the potential impact of the Financial Services Commission (FSS)’s intervention on predictability could hinder further investments. As for Renault Korea Motors, they brought up the automobile logistics issues as the cost has soared from 1 million KRW to 2.5 million KRW year on year, which has affected export competitiveness and called for support, such as financial incentives and investments to develop technologies that can address the burden of the recent spike in logistics costs. 

The FKCCI took the opportunity to strengthen its effort to maintain a consistent and persistent message to various Korean authority figures and advanced topics addressed during the meeting with President Yoon. Mr. Jalicon emphasized the importance of establishing clear outlines surrounding renewable energies and supporting the energy transition by addressing challenges such as nuclear energy waste management. 

“As a longtime advocate for [renewable energies and notably] nuclear energy as a vital source of low-carbon energy, France is committed to providing support and assistance to Korea in any way possible. We firmly believe that a collaborative approach to managing nuclear waste is necessary for the success of this important energy strategy,” he expressed France and its business community's willingness to actively support Korea in its energy transition. 

The FKCCI remains dedicated to advocating for its members and French companies with market access issues, ensuring continuous engagement with Korean authorities. For any inquiries, please do not hesitate to contact membership(@)fkcci.com

Liens utiles

FKCCI met with President Yoon to discuss effective deregulation for foreign-invested companies FKCCI discusses with MOTIE the ways to improve Working Visa and Cash Grant Accessibility FKCCI discusses FDI policy and regulations in the Roundtable Meeting with the Ministry of Trade, Industry and Energy (MOTIE)

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