The Northeast Economy Committee and the Ministry of Commerce, Industry and Energy (MOCIE) have reported strategies and countermeasures to continuously expand foreign investment at the State Council on Sept. 2. 

The comprehensive plan prepared by MOCIE contains setting up an yearly plans for improving management of foreign enterprises and living environment, taxation reform, expanding investment incentives and other matters which will develop an advanced investment environment in Korea. 

In addition, a new turn of approach in pan-governmental investment induce actives where everyone can participate is to provide substantial one-stop services to foreign investors. 

The organization and functions of the KOTRA Korea Investment Service Center (KISC), which is responsible for foreign investment inducement, will be reinforced and the organization’s name will also be chanted to 「Invest KOREA」. 

After discussing with the Northeast Economy Committee, MOCIE has collected suggestions through various channels from foreign invested enterprises in Korea and potential investors from abroad, and conferred with related departments such as the Ministry of Finance and Economy and the Ministry of Planning and Budget, to form the counterplan. 

Source written by Sang-jick Yoon, Foreign Investment Policy Division, Ministry of Commerce, Industry and Energy on Sept. 3, 2003