MOMAF-KOTRA-IBK to Promote Foreign Investment

On Apr 25, an MOU on mutual implementation of investment attraction activities was concluded by Mr. Kim Sung-jin, Minister for Maritime Affairs and Fisheries (MOMAF), Mr. Hong Ki-hwa, President of the Korea Trade Investment Promotion Agency (KOTRA), and Mr. Kang Kwan-seok, General Director of the Industrial Bank of Korea (IBK).

According to the arrangement, the MOMAF will handle issues on moving-in convenience and resident facilities in port zones and provide legal and institutional support required; The KOTRA will provide administrative support for investors including guidance on investment procedures. The IBK will be in charge of financial support and business consultations.

Through establishing tailored investment attraction strategies, the MOMAF plans to accommodate demand of multi-national enterprises. These companies include Asian manufacturing companies from Japan and China which aim to increase exports to the USA, as well as US enterprises which intend to make Korea a logistics base for the Asia region.

The Ministry will also select Korean companies which are capable of independently securing a high-end brand through the development and production of high-value added products and services among those enterprises overseas, and encourage these companies to re-establish themselves in Korea.

Furthermore, customs clearance procedures will be prompt in the USA with the conclusion of FTA talks, resulting in a reduction of expenses and processing time. Taking advantage of these incentives, Korea will seek multi-national companies which export and import many types of mass products between the USA and the Asian region through a linkage with their logistics processing bases.