On October 9, 2008, Gyeonggi Province entered into an MOU with EUCCK, a union of European companies operating in Korea, to facilitate exchanges with Europe in diverse sectors including culture, tourism, and education. The Province also appointed Jean Marie Hurtiger, Representative Director of Renault Samsung Motors and Chairman of EUCCK, Gyeonggi Province Promotion Ambassador.

Under the MOU and with the appointment of the Gyeonggi Province Promotion Ambassador, Gyeonggi Province and EUCCK will cooperate in the attraction of investments from European companies through EUCCK’s EU Office; the sharing of investment information and the operation of major projects; the hosting of European film festivals in cities of Gyeonggi Province; the hosting of a Gyeonggi Culture Festival for Europeans in Korea; the hosting of seminars and education programs in partnership with the EU; goodwill sports exchanges between European businessmen in Korea and Korean businessmen in Gyeonggi Province; making social contributions to help neighbors in need; and economic aid programs toward North Korea.

EUCCK represents more than 800 EU companies that are operating in Korea. Since it was established in 1986, it has operated a wide range of initiatives, including support for Korea’s attraction of foreign investment, economic aid programs toward North Korea, and social contribution activities.

It is expected that the MOU between Gyeonggi Province and EUCCK will significantly expand the investments made in Korea by European companies.

According to the OECD, Korea is the only of the OECD member nations that has witnessed a decrease in foreign direct investment (FDI) since 2004, and was ranked 29th among the 30 OECD nations in terms of the amount of FDI.

Despite the overall decrease in FDI, since Governor Kim Moon-soo took office Gyeonggi Province has achieved a remarkable FDI of USD 10.3 billion from 43 companies. As 20 of the 43 companies are US firms, it is necessary to diversify the nationality of foreign investors as a response to the current US financial crisis. Given the need for Korea to expand investments from the EU, the region with the second-largest level of FDI, the MOU with EUCCK is extremely meaningful.

Chief of Economic Investment Management Office Lee Jae-yul and Chief of Culture and Tourism Bureau Hwang Seong-tae of Gyeonggi Province said, “As a significant share of FDI is coming from foreign companies that are operating in Korea, we will turn this into an opportunity to actively attract additional investments from EU companies. In particular, we will strive to produce visible results by attracting renowned European film festivals and renowned European universities.”

Chairman Jean Marie Hurtiger, who was appointed Gyeonggi Province Promotion Ambassador, said, “Korea has limitless growth potential and a rich talent pool. I will turn the current crisis into an opportunity by helping many EU firms to advance into Korea, and by facilitating actual exchanges in diverse sectors including culture, education, and tourism.”

Governor Kim Moon-soo said, “The only way to overcome the global economic recession is to encourage companies to expand their investments through bold institutional measures. I will spare no effort to attract foreign companies throughout my term, but it is difficult to produce results due to the unreasonable regulations on business operation in the Seoul metropolitan area. I urge the central government to act boldly and promptly to ease regulations.”