Communication - Presse • La Chambre
FKCCI advocates the need for strong signals of attractiveness at Foreign Investment Strategy Meeting 2024, hosted by MOTIE Minister, Mr. AHN Duk-geun
Seoul, December 19, 2024 – The Ministry of Trade, Industry, and Energy (MOTIE) hosted the Foreign Investment Strategy Meeting at Korea House, bringing together government officials and leaders from foreign enterprises and chambers of commerce to discuss the present and future of investment in Korea. Among the key participants, the French Korean Chamber of Commerce and Industry (FKCCI), represented by its Chairman, Mr. David-Pierre Jalicon, played a prominent role in addressing expectation from foreign investors next year and advocating for fair competition in the pharmaceutical sector, as an example.
In his opening remarks, the Minister of Trade, Industry, and Energy, Mr. AHN Duk-geun expressed gratitude to foreign enterprises for their pivotal role in Korea’s economic growth and highlighted the importance of stability and consistency in foreign investment policies.
A key presentation delivered by MOTIE provided insights into the current state of foreign investments in Korea, emphasizing achievements in advanced industries, regional headquarters, and cultural and service sectors. The 2025 policy framework, which was unveiled during the meeting, prioritizes measures to bolster Korea’s position as a global investment hub, including enhanced regulatory transparency, improved support systems for foreign enterprises, and identification of emerging opportunities in line with Korea’s long-term economic strategy.
The open discussion that followed allowed participants to share their perspectives on the challenges and opportunities in the Korean market, especially in the current political context. The FKCCI emphasized that the world is awaiting signs aimed at restoring South Korea's credibility, attractiveness, and image. More than ever, there is the need for equitable treatment of foreign enterprises, particularly in regulatory frameworks. A significant issue raised by the Chamber was the disparity in marketing authorization fee deductions between Korean SMEs and foreign subsidiaries in the pharmaceutical sector. This, combined with the recent 4,500% increase in fees by the Ministry of Food and Drug Safety, risks discouraging the launch of innovative treatments in Korea, ultimately impacting patient access to cutting-edge solutions. During the meeting, the FKCCI called for adjustments to ensure a level playing field and promote fair competition in the sector. While the government reaffirmed its commitment to addressing systemic barriers, it noted that certain regulatory provisions remain tied to the structure of domestic policies.
It was also an occasion for the FKCCI to reaffirm France's strong position as an investor in Korea and its commitment to deepening economic collaboration between the two countries. With a record bilateral trade balance of €16 billion, 2024 saw key French investments, including Renault’s brand relaunch, Arkema’s investment in advanced materials through a M&A, EDF Renewables' offshore wind project and PASQAL’s Asian quantum computing hub based in Korea. Chairman Mr. Jalicon concluded that “Despite the current challenges, we are confident in Korea’s resilience and its ability to adapt. France and Korea share the same values and a strong vision for innovation, and we look forward to building on this foundation for mutual success”.
In closing, the Minister reiterated the government’s commitment to building strong partnerships with foreign enterprises and emphasized collaboration as a key driver of mutual success. The meeting reaffirmed Korea’s position as a dynamic and open economy, ready to grow alongside its global partners.
