Invest KOREA is South Korea’s national investment promotion agency, operating under the Korea Trade-Investment Promotion Agency (KOTRA). Its primary mission is to attract and support foreign direct investment (FDI) into South Korea by providing comprehensive services throughout the investment process.
Key Functions of Invest KOREA
1. Pre-Investment Support:
• Offers detailed information on South Korea’s investment environment, including economic data, industry insights, and potential investment opportunities.
• Facilitates connections between foreign investors and local businesses or government entities to explore collaborative ventures.
2. Investment Execution Assistance:
• Guides investors through administrative procedures such as company registration, tax filings, and obtaining necessary permits.
• Provides consultation on legal, accounting, and regulatory matters to ensure compliance with South Korean laws.
3. Post-Investment Services:
• Operates the Office of the Foreign Investment Ombudsman to address and resolve grievances faced by foreign-invested companies.
• Assists with visa issuance and extensions for foreign investors and their families.
• Offers support in finding housing, schools, and other essential services to facilitate smooth relocation and settlement.
Additional Initiatives:
• Invest KOREA Plaza (IKP): Serves as a business incubation center, providing office spaces, meeting rooms, and other facilities to support foreign businesses establishing operations in South Korea.
• Investment Consulting Center (ICC): Delivers tailored consulting services, including market research, administrative support, and settlement assistance, free of charge to prospective foreign investors.
Through these initiatives, Invest KOREA aims to create a favorable investment climate, ensuring that foreign investors have the necessary support and resources to succeed in South Korea’s dynamic market.
The Korea Trade-Investment Promotion Agency (KOTRA) is a state-funded organization established in 1962 by the South Korean government to promote international trade and investment. Operating under the Ministry of Trade, Industry and Energy, KOTRA plays a pivotal role in facilitating South Korea’s export-led economic development and attracting foreign direct investment (FDI).
Key Functions of KOTRA:
1. Trade Promotion: Assists South Korean companies in exploring and entering global markets by providing market intelligence, organizing trade missions, and facilitating participation in international trade fairs.
2. Investment Promotion: Through its subsidiary, Invest KOREA, KOTRA attracts and supports FDI by offering comprehensive services to foreign investors, including market research, administrative assistance, and post-investment support.
3. Business Matchmaking: Connects South Korean enterprises with potential international partners to foster joint ventures, strategic alliances, and other collaborative business opportunities.
4. Information Services: Provides up-to-date information on South Korea’s economic landscape, industry trends, and regulatory environment to assist businesses in making informed decisions.
Global Network: KOTRA operates an extensive network of overseas Korea Business Centers (KBCs), with 127 offices in 84 countries as of November 2020. These centers serve as regional hubs, offering localized support and facilitating economic cooperation between South Korea and host countries.
Special Initiatives:
• KOTRA Seal of Excellence: This certification is awarded to South Korean companies that meet high standards of quality, technology, and trustworthiness, enhancing their credibility in international markets.
• KOTRA Academy: Established in 2003, the academy functions as a professional learning center for international business, providing training and development programs to enhance global trade competencies.
Through these initiatives and its comprehensive support services, KOTRA significantly contributes to South Korea’s economic growth by promoting international trade and investment activities.