Local government to support attracting foreign investment in Korea

For the companies located in Pyeongtaek, Hyeongok, Poseung and 3 other regions of industrial village, Gyeonggi province has recently initiated the ‘service system’ which shall give support and mitigate any inconveniences which may have caused to such companies in attracting the foreign investment.

Since July, 2002 a provincial governor Sohn Hakkyu is inaugurated, approximately US$13.8 of foreign investment has poured into the 95 companies of Gyeonggi province with Mr. Sohn’s utmost effort to lure foreign companies of high-tech industry. 56 companies of those who have succeeded in receiving foreign investments are currently planning to reside in the industrial village of Gyeonggi province and some of them are already in the village and started their businesses.

Whereas the foreign companies residing in Gyeonggi have been facing many problems in running business under the poor environment of current Korean industrial market towards foreign companies, local government decided to provide support by establishing ‘After-service system’ which may help those companies to run the business. (In Mar. 03, a team with 3 members has been formed for the exclusive responsibility of foreign investment management.)

P.G. Sohn’s active move to lure foreign investment could be viewed on Feb. 27 having an informal talk with the CEOs of foreign companies at Hyeongok Village in Pyeongtaek. He also opened 2 hours of open-discussion at the staff cafeteria of NH Techno Glass Co. with 26 CEOs of foreign companies and made his commitment to find out the adequate solution to mitigate all the inconveniences mentioned during the discussion. Various complaints and problems were been raised in transportation, communication, education, convenience facility, labor relations and etc. where some are needed for an immediate action and some are to be reviewed to present a reasonable plan.

P.G. Sohn has implemented an immediate action against the request of speedy process to import raw material and build of a complementary measure for video conference with their home country. Language class for the foreign labors, expansion of boarding home, and the establishment of other facilities required for their families such as foreign school and etc. are needed for an internal review. However, local government has also taken a prompt action against these issues to be solved after a sufficient time of review by having a meeting with a special task force team formed on Mar. 08.

Continuous support to HR Pool Center and Foreign Investment Committee will be provided by Gyeonggi province for positive activities of foreign labors.

“To manage and control various matters regarding the operation of foreign business in the industrial village, Gyeonggi Province is planning to establish ‘Total Control System’ so to provide better environment for the foreign companies” said a staff of Gyeonggi Province.

“In-depth study with enough time shall be provided to build a right system. So before establishing a system, tentatively named ‘Corporate Support Committee’ is to be formed by the end of this month to collect public opinions and understand their difficulties” said a staff of Gyeonggi Province.

Plan of Gyeonggi Province to build an ‘After Service System’ came from the idea that it should continuously support and provide a convenient environment for the foreign corporate and its employees whereas other regions pay no further attention after they complete luring foreign companies to step into their local industries. We can hereby picture the future of Gyeonggi Province as a ‘Region foreign companies wish to devote their investments’ and ‘the driving force of Korean economical growth’.