(Seoul, September 22, 2023) The Korean-German Chamber of Commerce and Industry (KGCCI, President & CEO Martin Henkelmann) and the French-Korean Chamber of Commerce and Industry (FKCCI) co-hosted a special reception with Korean Prime Minister Han Duck-soo on September 22 at the Westin Josun Hotel in Seoul, South Korea.
This special reception was organized to assess the progress made in economic policy, foreign investment, and overall status of business environment for German, French and other European companies in Korea. The event attracted more than 170 representatives of European companies from KGCCI and FKCCI and their board members. From the Korean government side, Minister for Trade Dukgeun Ahn (MOTIE) and 2nd Vice Minister of Foreign Affairs Youngju Oh (MOFA) attended the reception.
The meeting started with opening remarks from KGCCI Chairperson Hyun-Nam Park and FKCCI Chairman David-Pierre Jalicon, and welcoming messages from German Ambassador-designate to Korea Georg Schmidt and Philippe Bertoux, French Ambassador-designate to Korea, followed by the keynote speech of the Prime Minister Han Duck-soo.
During his speech, Prime Minister Han emphasized, “Korean government has significantly expanded tax incentives for foreign invested companies by raising the tax credit to maximum 25% for equipment investments in national strategic technology. Additionally, it has expanded incentives such as the budget plan for cash support for foreign investments has been increased from 50 billion won to 200 billion won next year.” He expressed that it would present a significant opportunity for EU companies to expand their operations in Korea.
Following Prime Minister Han’s address, a panel discussion feature panelists including May Young-mi Kim, President of Henkel Korea, Jacquelyn Sang, Special Advisor & Public Affair, Renault Korea, Duck Sang Kim, Managing Director of Sartorius Korea Biotech and Nicolas Foirien, President and Representative Director of Air Liquide Korea. This discussion delved into the challenges encountered by German and French companies operating in the Korean market. The event was concluded by Maria Castillo Fernandez, Ambassador of the Delegation of the EU to South Korea.
KGCCI Chairperson Hyun-Nam Park remarked, "In the first half of 2023, South Korea reached an unprecedented milestone with Foreign Direct Investment (FDI) surging to $17.09 billion, marking a remarkable 54.2% increase compared to the previous year, even amidst global investment uncertainties. KGCCI and German companies operating in Korea eagerly anticipate continued collaboration with the Korean government to address further fields of action to strengthen the competitiveness of Korea as an investment site."
FKCCI Chairman David-Pierre Jalicon stated, “We believe that fostering a more inclusive relationship between foreign and local business communities and governments would be beneficial for all of us, especially between countries that share our values. […] The relationship between France and Korea has progressed dramatically recently, reaching a record bilateral trade balance last year with a 30% year-on-year increase. There has been or will be significant French investment in the fields of energy, mobility, semiconductors, chemicals, among others.”
