Korea seeks to boost foreign investment through APEC meetings in Gyeongju

Hwabaek International Convention Center, the venue for this year's Asia-Pacific Economic Cooperation (APEC) Economic Leaders' Meeting in Gyeongju, North Gyeongsang Province, is seen in this August file photo. Yonhap

The Lee Jae Myung administration plans to use the upcoming Asia-Pacific Economic Cooperation (APEC) Economic Leaders’ Meeting in Gyeongju, North Gyeongsang Province, from Oct. 31 to Nov. 1, as a key opportunity to attract foreign investment, government officials said Friday.

They said this year’s APEC events are expected to go beyond being a mere diplomatic gathering, serving instead as a practical stage for realizing the government’s vision of an innovation-driven economy.

In particular, both the government and industry are ramping up efforts to accelerate foreign direct investment (FDI) in high-tech industries such as artificial intelligence (AI) and semiconductors.

During the events, Lee plans to hold direct meetings with executives from global companies such as Amazon Web Services and Renault to attract investment in Korea’s industrial ecosystem.

According to presidential office insiders, Lee views the APEC meetings as a turning point for expanding FDI in Korea.

The four-day APEC CEO Summit, which begins Tuesday, ahead of the Economic Leaders’ Meeting, is expected to serve as an unprecedented venue for political and economic exchange, bringing together global CEOs and government officials.

Lee is scheduled to attend the opening ceremony of the APEC CEO Summit on Wednesday as a special speaker, officially declaring the start of the conference and communicating directly with global business leaders.

Top executives from Korea’s leading conglomerates, including Samsung, Hyundai Motor, SK and LG, will also attend the summit to network with their global counterparts.

For Korean companies, the event is expected to provide a prime opportunity to attract foreign investment and promote the country’s high-tech industries, including AI, semiconductors, batteries and biotechnology.

In addition, the government plans to host the Invest Korea Summit 2025, the nation’s largest investment promotion event, for three days starting Wednesday in conjunction with the APEC meetings.

According to the Ministry of Trade, Industry and Resources, the event will bring together around 2,000 global investors and representatives from domestic and international companies to explore new investment opportunities in Korea.

Industry Minister Kim Jung-kwan, right, speaks during a National Assembly audit in Seoul, Friday. Yonhap

Industry Minister Kim Jung-kwan will attend the event to meet participants in person and encourage greater investment in Korea.

In a recent column published in a local Korean-language newspaper, the minister addressed concerns from foreign companies regarding the amendment to the Trade Union and Labor Relations Adjustment Act — better known as the “yellow envelope law.”

The law, which will take effect in March next year, aims to broaden workers’ rights by allowing subcontracted workers to negotiate directly with parent companies.

Kim explained that the government is working closely with the Ministry of Employment and Labor to ensure that the opinions of foreign investors are reflected during the preparation process for the law’s implementation.

“Once the implementation manual is finalized early next year, I and the labor minister plan to meet with the heads of foreign chambers of commerce to alleviate their concerns,” Kim wrote. “The government reaffirmed its commitment to building a transparent and stable business environment, aiming to create conditions in which both domestic and foreign-invested companies can confidently expand their investments and contribute to Korea’s economic development through their business operations.”

Meanwhile, the Korea Trade-Investment Promotion Agency (KOTRA), in partnership with North Gyeongsang Province and the city of Gyeongju, has been hosting the K-Business Square exhibition since Oct. 20, running for a total of five weeks.

Designed to highlight Korea’s industrial competitiveness on the global stage, KOTRA plans to invite around 100 overseas buyers and global investors, using the venue as a key platform for economic diplomacy.

“The exhibition for the APEC events offers a valuable opportunity to showcase Korea’s strength as an advanced manufacturing powerhouse to international delegations and business leaders visiting Gyeongju,” KOTRA President Kang Kyung-sung said. “We will fully support the event to enhance Korea’s national brand and generate meaningful outcomes in global business cooperation.”