On Wednesday, the Ministry of Trade, Industry and Energy held a foreign investment policy meeting with 17 regional governments and seven free economic zones. Such meetings are held every quarter to monitor foreign investment and address challenges.
The ministry said regional governments and free economic zones are in talks with foreign investors for 29 new investment projects valued at a combined $1.8 billion.
“Some of the investors will summit investment declarations in the first half of this year,” said Kim Jae-joon, chief of the ministry’s investment attraction team.
Of the $1.8 billion worth of new investment projects, the regional government of South Chungcheong Province is negotiating with foreign investors to attract $220 million in six projects, including those related to chips and industrial gas.
The government of South Jeolla Province aims to attract $200 million in five projects in bio, tourism and leisure. Ulsan city aims to attract $100 million in four projects, including those related to chemical materials and energy.
The ministry and regional governments plan to provide cash incentives and reduce rental fees for early investments in the projects.
By Shin Ji-hye (firstname.lastname@example.org)