Reinvestment by Foreign Firms to Receive Benefits
Reinvestment by Foreign Firms to Receive Benefits
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  • 승인 2004.09.01 12:01
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The government plans to provide foreign companies doing business here with incentives like preferential land leases, when they reinvest their profits in Korea, in a bid to boost foreign investment, Commerce-Industry-Energy Minister Lee Hee-beom said recently.

His remark came during the 50th anniversary of the entry of Germany-based chemical giant BASF in Korea, held in the Westin Chosun Hotel, downtown Seoul.

Under the current law, land can be offered for new foreign capital injections to the nation. The benefit offered to foreign companies already operating here was proposed early this year as foreign reinvestment has been increasing.

The ministry said the amount of reinvestment reached $1.413 billion in the March-June period, making up 28 percent of total foreign direct investment (FDI) in that period.

Newly created FDI in the same period came to $3,321 billon, taking 65.8 percent of total FDI. FDI in the second quarter of 2004 rebounded, accounting for $2 billion in 752 deals, increasing by 28.7 percent year-on-year, from $1.5 billion and 662 deals from the same period in 2003.

Encouraging BASF Korea to create additional FDI, Lee also promoted the government's commitment to attracting FDI measures which will include a one-stop service provided by Invest Korea that minimizes the hassle of processes required to invest in Korea and strengthening incentives for foreign investors such as cash grants.

BASF, one of the leading foreign companies in terms of size, entered the Korean market as a joint venture in 1954. Last year they posted $1.175 trillion won in sales.

/ By The Korea Times

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