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46 foreign companies receive government awards for investment

Forty-six foreign companies received government awards for their investments in advanced technologies and for creating jobs in South Korea, during an annual event for foreign companies held Monday.

Foreign Company Day, hosted by the Industry Ministry and the Korea Foreign Company Association, or FORCA, is a ceremony that has taken place since 2001 to recognize contributions to attracting foreign investment here. 

CEOs and executives of 46 companies, which received government awards pose for a photo at the Forign Company Day held in Seoul on Monday. (FORCA)
CEOs and executives of 46 companies, which received government awards pose for a photo at the Forign Company Day held in Seoul on Monday. (FORCA)

The 46 awardees include the Korean arm of US-based firm Air Products and Chemicals, which invested $200 million in core gas production for semiconductor processes, and HP Printing Korea, which moved its A3 printing global hub to Korea, creating around 1,600 jobs.

During the event, the Industry Ministry said that foreign-invested companies are key partners in the Korean economy and play a big role in innovating new industries. 

“Last year, the amount of foreign direct investment reached a record high of $26.9 billion, a big gain from $35 million in 1962. Investment in new industries also expanded significantly, achieving both quantitative and qualitative results,” said Park Tae-sung, chief of the Industry Ministry’s trade investment division, in a congratulatory speech. 

FORCA Chairman Lee Sung-hyun makes a welcoming speech at the Foreign Company Day held in Seoul on Monday. (FORCA)
FORCA Chairman Lee Sung-hyun makes a welcoming speech at the Foreign Company Day held in Seoul on Monday. (FORCA)

“Korea will be an optimal investment destination for foreign investors with many attractive factors, including the world’s first commercialization of 5G networks, extensive free trade area networks, regulatory sandboxes and foreign investment incentives,” he said. 

Lee Sung-hyun, chairman of FORCA, said: “Today is a day to praise hard work for foreign-invested companies, organizations and officials who contributed to the national economic development through foreign investment. We will do our best to actively induce investment in Korea and contribute greatly to the creation of quality jobs.”

By Shin Ji-hye (shinjh@heraldcorp.com)
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