The Korean government always welcomes foreign investment by political stability, public safety, world-class infrastructure, a highly skilled workforce, and a dynamic private sector. There are four prospective field foreign investors should consider to put in.
Tourism
After COVID-19 epidemic, the demand of traveling highly increases because people want to recover their health, release stress or gain new experience. An estimated aproximately 10 million foreign tourists have visited Korea in 2023, which illustrates a rebound from the impact of the pandemic.
In Korea, there are many destinations with breathtaking sceneries, various climates, hospitable local people and modern facilities. Furthermore, the Korean government set a lot of policies to develop tourism industry such as visa-free entry, easing regulations, building a sustainable tourism industry ecosystem or developing new tourism models.
Renewable Energy
Korea has actively pursued concrete efforts to achieve carbon neutrality and use alternative energy (solar, wind, and hydropower) which are two popular developments in the world. Korea is evaluated as a major player in the global solar industry value chain in terms of technology and productivitiy. The Korean government attends to expand renewable energy facilities and regulate the illegal supplies of renewable energy.
The renewable energy market is expected to considerably grow in the coming years. The renewable energy which is a positive trend, especially after the COVID-19 pandemic. And, the renewable energy is believed to to play an important role in meeting global energy demand and replace the consumption of fosil fuels.
Semiconductor
Korea is the leading country in the memory chip fabrication with the world’s third largest semiconductor manufacturing facility. Therefore, semiconductors are the largest export item, accounting for 18.9% of the country’s total exports in 2022.
With the aim to creating the best supply chain of semiconductor in the world, the Korean government support taxation for investment in semiconductor facilities, research and development. Moreover, the government improves labor quality and regulations to semiconductor investment. The government also plans to further build and upgrade the infrastructure in the semiconductor complexes. Besides regulatory reforms and financial support, the government will train and supply about 150,000 professionals for this industry by 2030.
Information and Communication Technologies
Korea has earned a reputation as a leading global information and communication technology center. The country is home to global leading electronics and IT corporations such as Samsung Electronics, LG Electronics or Naver. With its cutting-edge ICT infrastructure, Korea is motivated to keep its reputation, expand domestic and global markets through investing aggressively into six major innovative technologies areas: AI, AI semiconductors, 5G-6G, quantum, metaverse, and cybersecurity. The government will support startups, technology transfer, growth, and overseas expansion and train advanced research specialists and experts.
