Daijiworld Media Network- Seoul

Seoul, Apr 28: South Korea's Trade Minister, Cheong In-kyo, emphasized the government's commitment to attracting more foreign direct investment (FDI) and supporting the reshoring of local companies during a policy coordination meeting held with regional leaders and officials from the Korea Trade-Investment Promotion Agency (KOTRA) on Monday.

Cheong highlighted that expanding FDI and assisting reshoring firms are vital strategies for strengthening South Korea's industrial competitiveness and revitalizing regional economies, particularly in light of ongoing global trade uncertainties. His remarks reflect the government's ongoing push to bolster economic growth despite the challenges posed by the shifting global trade landscape.

"Boosting foreign investment and supporting companies returning to South Korea are crucial to maintaining our industrial edge and invigorating local economies," Cheong stated, reaffirming the government's intent to work closely with local governments and free economic zones to create a favorable environment for investment.

In 2024, South Korea reached a historic high, attracting US$32.57 billion in FDI, marking the largest annual influx since the country began recording such data in 1962. Despite global economic turbulence, the government remains optimistic, noting that FDI has shown resilience this year, with $6.4 billion in commitments secured during the first quarter alone.

In a related development, acting President Han Duck-soo spoke to The Economist about South Korea's approach to resolving its trade and security issues with the United States. Han expressed confidence that these matters could be addressed in a "non-conflicting" manner through cooperative negotiations, citing opportunities for win-win solutions.

Han also acknowledged the challenges posed by U.S. tariffs on South Korean car and steel exports, referring to them as "painful." He also discussed possible collaborative projects with the U.S., including the construction of a gas pipeline in Alaska and efforts to revive South Korea's shipbuilding industry.

Han's comments suggest a continued emphasis on diplomatic and economic cooperation to resolve trade tensions and stimulate industrial growth, both domestically and internationally.