Moon asks foreign firms to expand investment in Korea
President Moon Jae-in is pictured in Cheong Wa Dae, Feb. 8. AP-Yonhap
President Moon Jae-in asked foreign firms Thursday to expand their investment in Korea, saying that the economy is showing signs of a strong recovery amid the COVID-19 pandemic.
Moon made the remarks at a meeting with senior executives of foreign-invested companies here, Cheong Wa Dae said in a statement.
"In the midst of the coronavirus crisis, Korea endured the least economic impact among major nations and showed a rapid and strong recovery, solidifying its status as a stable investment destination," Moon said.
In contrast to other countries that were under stringent lockdown measures, Korea kept its economy open and ensured the movement of logistics and people, the President said.
Since the pandemic began, Korea has managed to curb the spread of the virus with social distancing measures, without enacting drastic lockdowns.
The government has also provided tax incentives, including an exemption from corporate and income taxes, to foreign firms when they make investments here, Moon said.
Foreign investment stood at a record high of nearly $30 billion last year, according to the presidential office. (Yonhap)