Korean IR in New York
MOCIE Minister Lee leads efforts to attract foreign investment to Korea

The Minister of Commerce, Industry and Energy Lee Hee-beom led Korean investors around in New York May 18-19 in an effort jointly organized by government, business and labor for the first time, which was concluded on a successful note, MOCIE said.
Minister Lee also attended the investor round table organized by KOTRA, Korea Society and Morgan Stanley, along with Yoo Jae-sop, senior vice chairman of the Federation of Korean Trade Union, Managing Director Ha Dong-man of the Federation of Korean Industries, Managing Director Han Young-soo of KOTRA, and Jeffrey Jones, former chairman of the American Chamber of Commerce in Korea.
The MOCIE minister explained to some 150 strong audience members that the government's strategy for next generation growth industries and its plan to expand foreign investment in the high-tech sector.
At the investor round table, the minister discussed labor-management issues, the reform of corporate governance, and the true nature of anti-foreign capital sentiment in Korea.
He also signed MOUs with two foreign investors in the area of high-tech industry, including Dupont who committed to invest $12 million in the nano fiber production and another foreign investor committed to invest $20 million in the semiconductor sector. He also urged officials of Agmatrix to expedite $100 million into investments in the medical equipment production facilities in Korea.
The investor roundtable, this time jointly organized by government, business, labor and Amcham, has been able to successfully remove the misunderstanding on the part of foreign investors on anti-foreign capital sentiment in Korea and labor-management relations, along with holding micro-discussion on professional areas and the next generation of growth industries in Korea.
Lee called on U.S. Energy Secretary Samuel Bodman and acting Deputy Secretary of Commerce David Sampson and attended the Korea-U.S. industrial technology cooperation forum organized by the U.S. Chamber of Commerce in Washington. He also attended the opening ceremony of Hyundai Motor's plant in Montgomery, Alabama on May 20.
While in New York, Minister Lee focused on government strategies to bring along the next generation of growth industries to make Korea, a high-tech industrial hub in Asia, a long-term vision to attract foreign investment in high-tech sectors and remove the fear of anti-foreign capital in Korea on the part of foreign investors and media. He also drummed up excellent manpower and IT infrastructure in Korea as part of his effort to publicize Korea? strength as a foreign investment destination.
In the meantime, 16 Korean firms including Samsung Electronics, Hyundai Motor, LG Philips, and Hangul/Computer listed on the integrated Korea Stock Exchange held their own IRs some times meeting one on one with potential foreign investors to discuss doing business in Korea.
The joint IR including government, FKTU, FKI, and Amcham focused on informing potential foreign investors of the advantages of investing in Korea explaining the business environment to some 50 potential foreign investors such as Fairchild, Amphenol, and Gale.
In response to queries from audience, FKTU vice chairman Yoon said labor unions have been trying to change their policies to join the effort to enhance industrial competitiveness. FKI managing director Ha stressed technology cooperation between Korea and the U.S., and Amcham's Jones explained life for foreign businessmen in Korea and the business environment from his experience.
The minister held a meeting with the leaders of Chinese overseas businessmen in the United States and secured their commitment to send their delegation to a world overseas Chinese merchants conference slated for October in Seoul. He also held an interview with a Chinese-language TV station in the U.S. calling on 3 million overseas Chinese businessmen to invest in Korea.
He also had a dinner with executives of leading foreign investment firms in Korea including Citi Group and Pfizer and discussed Korea's improved investment policies and enhancing Korea-U.S. trade. The dinner was held at the invitation of the Business Council for International Understanding set up in 1955 at the suggestion of the White House centered around large U.S. firms to promote trade and investment. nw

MOCIE Minister Lee Hee-beom, second from left, at Korea Global Investors Conference in New York.

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