South Korean government aims to attract more than 12 billion U.S. dollars in foreign direct investment (FDI) this year by greatly improving the domestic business environment, the Korea Herald reported on Monday.
The target was made during a foreign investment committee meeting between Knowledge Economy Minister Lee Youn-ho and officials from 26 government agencies and local administrations.
"Reaching the target may not be easy, but there needs to be a concerted effort by the government and local officials to make changes that can help attract overseas investment," Lee was quoted by the local daily newspaper.
The officials agreed that FDI is crucial for creating jobs and strengthening the overall national economic competitiveness in the global market, the newspaper said.
South Korea's government statistics show that foreign direct investment peaked at 12.72 billion U.S. dollars in 2004. In 2007, the FDI in South Korea was recorded at 10.51 billion U.S. dollars.
As part of its efforts to attract more foreign investment, the ministry said it will announce by the end of May a three-year plan that includes programs aimed at improving the living condition of foreigners doing business in South Korea.
Source: Xinhua
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