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Prime Minister Han Duck-soo assesses Korea's economic progress and investment opportunities with French and German Chambers

Prime Minister Han Duck-so assesses Korea's economic progress and investment opportunities with French and German Chambers

Last Friday, the French-Korean Chamber of Commerce and Industry (FKCCI) and the Korean-German Chamber of Commerce and Industry (KGCCI) co-hosted a special reception with Korean Prime Minister Han Duck-soo, along with Minister for Trade Dukgeun Ahn (MOTIE) and 2nd Vice Minister of Foreign Affairs Youngju Oh (MOFA).

As we approach the midpoint of President YOON Suk-Yeol's term, this special reception was organized to assess the progress made in economic policy, foreign investment sentiment, and the overall standing of Asia’s 4th largest economy for French and German and other European companies doing business in Korea, attracting more than 170 representatives of European companies from KGCCI and FKCCI members. 

The meeting started with opening remarks from KGCCI Chairperson Hyun-Nam Park and FKCCI Chairman David-Pierre Jalicon, and welcoming messages from H.E. Georg Schmidt, German Ambassador-designate to Korea, and H.E. Philippe Bertoux, French Ambassador-designate to Korea.

During the opening remarks FKCCI Chairman David-Pierre Jalicon said, ““We believe that fostering a more inclusive relationship between foreign and local business communities and governments would be beneficial for all of us, especially between countries that share our values. […] The relationship between France and Korea has progressed dramatically recently, reaching a record bilateral trade balance last year with a 30% year-on-year increase. There has been or will be significant French investment in the fields of energy, mobility, semiconductors, chemicals, among others.”

KGCCI Chairperson Hyun-Nam Park remarked, "In the first half of 2023, South Korea reached an unprecedented milestone with Foreign Direct Investment (FDI) surging to $17.09 billion, marking a remarkable 54.2% increase compared to the previous year, even amidst global investment uncertainties. KGCCI and German companies operating in Korea eagerly anticipate continued collaboration with the Korean government to address further fields of action to strengthen the competitiveness of Korea as an investment site."

Prime Minister Han emphasized during his keynote speech, “Korean government has significantly expanded tax incentives for foreign invested companies by raising the tax credit to maximum 25% for equipment investments in national strategic technology. Additionally, it has expanded incentives such as the budget plan for cash support for foreign investments has been increased from 50 billion won to 200 billion won next year.” He expressed that it would present a significant opportunity for EU companies to expand their operations in Korea.

Following Prime Minister Han’s address, representatives from French and German companies including May Young-mi Kim, President of Henkel Korea, Jacquelyn Sang, Special Advisor & Public Affair of Renault Korea Motors, Duck Sang Kim, Managing Director of Sartorius Korea Biotech and Nicolas Foirien, President and Representative Director of Air Liquide Korea could discuss the challenges faced they encountered while expanding their business in Korea.

The event concluded with remarks from Maria Castillo Fernandez, Ambassador of the Delegation of the EU to South Korea, emphasizing the importance of international collaboration.
We are truly grateful to have had the honor of having the Prime Minister for our special reception. Warm thanks to all our members and attendees, and a special gratitude to our sponsors GH. Mumm and SWS who made the event even more special!
 

Liens utiles

Prime Minister Han Duck-soo’s first address to foreign companies with FKCCI and KGCCI

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