Representatives pose for a photo at the event. — Photo of the organiser

SEOUL —  Korea is actively encouraging foreign investment in its semiconductor ecosystem, with a focus on developing infrastructure, enhancing the investment environment, fostering a supportive ecosystem, advancing cutting-edge technology, and strengthening high-quality human resource training.

The Korea Investment Summit 2024, held in Seoul from November 6-8, was organised by the Korean Ministry of Trade, Industry and Energy in collaboration with the Korea Trade and Investment Promotion Agency (KOTRA). This event aimed to attract global investors by showcasing Korea’s commitment to becoming a key player in the global semiconductor industry through strategic partnerships and advancements.

The conference presented an opportunity for foreign investors to explore business and investment prospects in Korea. During the event, Korean Minister of Trade, Industry, and Energy Ahn Duk-Geun emphasised the government's commitment to fostering a supportive and favorable business environment for foreign investors.

Korean Minister of Trade, Industry, and Energy Ahn Duk-Geun speaks at the event.

"We consider legal regulations a significant challenge for investors. Therefore, creating favorable conditions, including tax reductions, will help investors feel secure in their investments and business activities in Korea, particularly in high-tech fields such as artificial intelligence," said Ahn Duk-Geun.

Minister Ahn also highlighted the importance of addressing climate change, encouraging investors to focus on developing high-quality technology industries that also meet emission standards.

At the same event, Yu Jeoung-Yeol, Chairman of the Korea Trade-Investment Promotion Agency (KOTRA), announced plans to create additional favorable conditions for foreign investors in Korea.

At the conference, Yu Jeoung-Yeol underscored Korea's dedication to creating an open investment and trade environment, reinforced by various global trade promotion initiatives. "Through these efforts, foreign investors will gain a clearer understanding of Korea's legal policies and tax conditions, facilitating their business expansion here," he stated.

Jaeho Yeom, Vice Chairman of the AI Committee under the Presidential Office, highlighted Korea's strong potential in artificial intelligence (AI) to foreign investors. He emphasised the government’s focus on advancing AI semiconductor chips to position Korea among the top three global leaders in AI technology. In addition, Korea aims to strengthen its competitive edge in memory chip development to secure a leading role in the future AI chip market.

Yeom expressed his hope for foreign investments in the semiconductor ecosystem, emphasising four strategic areas: infrastructure and investment conditions, ecosystem building, hyper-distance technology, and talent development.

At the 2024 Korea Investment Summit, attendees also engaged in a series of forums, fostering discussions on investment cooperation. These sessions provided opportunities to explore partnerships in semiconductor technology, integrated circuits, AI chip innovation, supply chain restructuring, and advanced logistics systems. — VNS