| Type | Rep. of Korea Government |
|---|---|
| Key people | Hong-Chul "Hank" Ahn, Head |
| Products | Inbound investment support |
| Website | www.investkorea.org |
Invest KOREA, the national investment promotion agency of South Korea and a member of the World Association of Investment Promotion Agencies (WAIPA), was established within the Korea Trade-Investment Promotion Agency or KOTRA with the sole purpose of supporting the entry and successful establishment of foreign business into Korea. With assistance extending to comprehensive post-establishment services, Invest KOREA enables foreign corporations to maximize the benefits of Korea's investment environment to facilitate their rapid settlement in Korea.
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Invest KOREA's predecessor, the Korea Investment Service Center (KISC) was established in 1998 in the wake of the 1997 Asian financial crisis as part of a radical liberalization of the Korean investment regime. After initial success, slowing inbound capital flows made it apparent that a new paradigm for investment attraction was in order, one which would include employing a more proactive approach to inducing foreign investors, targeting potential investors with closer reference to the strengths of Korea's industrial base, and developing a one-stop service to address foreign investors' needs and difficulties effectively. It was also deemed crucial for agency staff to gain a profound knowledge of the industries with which they were dealing.
Invest KOREA is fully committed to providing comprehensive one-stop service that allows foreign investors to join over 245 of the Fortune Global 500 who have selected Korea as an investment destination.
Based at Invest KOREA headquarters in Seoul, the head of Invest KOREA is supported by a staff comprising KOTRA employees, recruited specialists in key investment-related fields, and civil servants seconded from other agencies and ministries, including the Ministry of Knowledge Economy under whose umbrella Invest KOREA falls. Invest KOREA works in close collaboration with its network of 39 overseas branch offices called Korea Business Centers, which are located in the major financial and industrial centers of the world. Invest KOREA implements government policies on foreign investment that have been formulated by the Ministry of Knowledge Economy and coordinated by the Foreign Investment Committee, which is chaired by the Minister of Knowledge Economy.
Invest KOREA takes a three-pronged approach to attracting foreign investment, the first of which is the provision of information on markets and promising industries for investment through Korea Business Centers. The second prong includes services provided by Invest KOREA's project managers, while the third prong consists of post-investment aftercare, provided by the Office of the Investment Ombudsman.
Invest KOREA's departments include the Strategic Investment Planning Department, the Investment Promotion Department and the Foreign Investor Support Department. The three teams which make up the Strategic Investment Planning Department are the Investment Planning Team, the Investment Public Relations Team and the Investment Research and Analysis Team. The Investment Promotion Department consists of the Main Industry Investment Promotion Team, the Finance and Service Industry Investment Promotion Team, the High-Tech Industry Investment Promotion Team and the Investment Partnership Support Team. Three teams are part of the Foreign Investor Support Department, specifically the Investment Administration Team, the Investment Consulting Team and the Investment Service Team.
Invest KOREA's Korea Business Centers (KBCs) are strategically located in overseas markets which have great potential as a source of foreign investment into Korea. The Centers are staffed by Invest KOREA employees who are dispatched from head office for a period generally ranging from three to four years, as well as local staff who possess keen firsthand insight into the local market, not to mention valuable connections to the regional business community. Invest KOREA's KBCs are broken down into the following regions: North America, Europe, Asia and Oceania, Japan, China, the Middle East, Africa and Russia.
Invest Korea Plaza (IKP) is Korea's first business incubation center devoted exclusively to promote the entry of foreign business into Korea. Opened in October 2006 and designed to meet the 21st century business needs of global companies, IKP and its 9 floors offer qualified foreign investors who are planning an investment in Korea fully furnished office facilities, receptionist services, and access to officials from Invest KOREA as well as those seconded to the building from Korea's Department of Justice (immigration service), the National Tax Service, and Korea's Customs Authority. Within Invest Korea Plaza is the Investor Support Center (ISC), which is dedicated to providing information and business and living services for foreign investors and their families during their time in Korea.
The Office of the Foreign Investment Ombudsman (OIO) was created in October 1999 as a non-profit organization within KOTRA in order to offer full support to foreign-invested companies encountering difficulties during the course of doing business in Korea. As an advocate acting on behalf of foreign investors, the OIO is working to upgrade the quality of administrative services to potential and existing foreign-invested companies and to improve the country's overall investment environment.
Since its establishment, more than 3,200 grievances have been filed with the OIO, with many being successfully resolved through cooperation with various government bodies. The OIO operates a "Home Doctor" system, whereby specialists in various fields such as law, taxation, labor, construction and technology are individually assigned to foreign-invested companies experiencing investment-related grievances.
The Ombudsman's grievance resolution system has played a significant role in improving the daily business management activities and the Multilateral Investment Guarantee Agency within the World Bank has benchmarked the OIO as a best practice example in its Foreign Direct Investment Promotion Center's on-line toolkit. The grievance resolution activities of the OIO were also highlighted in the 2002 World Investment Report[1] released by the United Nations Conference on Trade and Development (UNCTAD).
The Invest Korea Journal has been published continuously by KOTRA since 1983. The bimonthly periodical with a subscription-only readership of 15,000 presents perspectives on Korea's investment trends, economy, industry, trade and culture. Invest Korea Journal subscribers include executives of foreign-invested ocmpanies, embassies and public corporations in Korea, as well as actual and potential investors and key audiences overseas. The magazine is also carried on Asiana Airlines flights to and from Korea, and is placed in every room of Seoul's prime hotels.