ΆΓ  Seoul targeting $15 bil. in foreign investment

Korea Herald 2001. 1.30

Korea aims to attract $15 billion worth of foreign investment this year, Commerce, Industry and Energy Minister Shin Kook-hwan said at a meeting of trade directors yesterday.

In an address to some 100 directors of Korea Trade-Investment Promotion Agency (KOTRA)'s overseas centers, Shin stressed that "expansion of exports and foreign investment is the surest way to avoid an economic recession."

Shin added that Seoul is poised to post $10 billion in trade surplus and attract foreign investment worth $15 billion this year. To achieve these goals, Shin pledged to carry out differentiated overseas marketing for different world trade blocks, support small and medium sized firms advance into foreign markets, establish infrastructure to facilitate cyber trade and expand trade exhibition facilities.

In regard to foreign investment, Shin said his ministry will monitor foreign investment projects on a monthly basis and conduct custom-tailored bidding activities for different items.

Shin said Korea's economy recovered from the 1997 currency crisis early thanks to trade surplus and ample foreign investment, but that since the last quarter it has experienced serious setbacks owing to various factors, including stalled restructuring measures.

"We'll have to regain confidence from the market by accelerating restructuring efforts," Shin said.