Yoon touts role in attracting $16.5b in investments in H1

President Yoon Suk Yeol on Tuesday commended his administration for attracting $16.5 billion of foreign investment to South Korea in the first half of the year, calling it "the largest ever."

Stressing that a total of $940 million in investments from six European high-tech companies was clinched during his recent trip to France and Vietnam, Yoon urged Cabinet members to continue efforts in facilitating deals.

Yoon, who has called himself South Korea's top salesperson, has consistently emphasized economic performance during his overseas trips. In April during his trip to the United States, investment pledges totalling $5.9 billion were made by American companies, including entertainment titan Netflix and tech heavyweight Corning.

Referring to Saemangeum National Industrial Complex, Yoon said, “Since our administration took office a year ago, the complex has drawn approximately 6.6 trillion won ($5 billion) in investment.” The size of investment South Korea attracted after he took office quadrupled from the 1.5 trillion won drawn in the prior nine years since the office in charge of the Saemangeum project was established in 2013, he noted. Yoon was inaugurated in May 2022.

The government's deregulatory drive, sales diplomacy and foreign policies aimed at improving relations with Japan and the US appear to have contributed in creating a favorable environment to attract investments, he added.

Saemangeum is a land reclamation project involving the construction of the world's longest seawall. A recent special act approved by the National Assembly offers offers a legal foundation to provide incentives for companies planning to settle on the Saemangeum district.

Yoon said, “We will support companies not only in Saemangeum, but also anywhere in the country so that they can run freely and grow dynamically.”