Invest KOREA

Gov't Pledges Support for Jeju's Envisioned Pilot Program for Air Taxis According to Yonhap News, The government on Tuesday pledged comprehensive support toward a pilot program for a commercial air taxi service on the southern resort island of Jeju. The Jeju Special Self-Governing Province aims to launch the pilot program on Jeju Island in 2025 in partnership with an urban air mobility (UAM) consortium comprised of public and private firms, including SK Telecom Co. and Hanwha Systems Co. The Ministry of Land, Infrastructure and Transport announced a range of support measures centered around Jeju's air taxi project at a government policy debate forum attended by President Yoon Suk Yeol on Jeju Island. The government and the province plan to establish vertiports for air taxi takeoffs and landings initially in three locations: Jeju International Airport, Seongsan Port in Seogwipo and the Jungmun Tourist Complex. The pilot operation will focus on verifying the safety and commercial viability of UAM routes based at these locations. The pilot service will also test the conditions for UAM use in public and general transportation, including emergency medical services, officials said. Jeju plans to apply for the designation of UAM pilot operation zones in 2025. Authorities plan to draw up and establish relevant regulations based on findings and results from the pilot project. Aircraft from Joby Aviation, a U.S. air taxi developer in partnership with the consortium, will be used in the project. Aircraft from local companies, such as Hyundai Motor Group and Hanwha Systems, are also expected to be deployed for the full-fledged commercialization, envisioned to begin in 2028. The province plans to utilize the service for various tourism purposes by benchmarking helicopter tour programs in Hawaii and other popular destinations. A ministry official said the project is "expected to boost local tourism and contribute to the growth of Korea's early UAM market." Copyrights Yonhap News. All Rights Reserved. Find out more information about Korea: www.investkorea.org #KOTRA #InvestKorea #AirTaxi #UAM

🚀 Spotlight on Altos Ventures: Powering Korea's Startup Ecosystem Founded in 1996, Altos Ventures is a Korean-American venture capital firm that has played a key role in supporting Korea's vibrant startup scene. Recognizing the potential of the Korean market in the mid-2000s, they embraced a value investing approach, focusing on long-term partnerships with high-growth companies. 📈 With Korea’s trend-sensitive population, rapid smartphone adoption, and a supportive investment environment, Altos has backed game-changers like Coupang, Woowa Brothers, and Viva Republica. Today, the rise of second-generation entrepreneurs, demographic shifts, and advancements in AI are driving new waves of innovation. Their advice? Build strong domestic competitiveness before expanding internationally. Success at home naturally attracts global interest. 🌐✨ Find out more information about Korea at www.investkorea.org #KOTRA #InvestKorea #AltosVentures

In this month’s IK magazine Industry Focus, we explore recent developments in Korea’s semiconductor sector. After a challenging first half of 2023 due to global supply chain disruptions, the industry rebounded as exports stabilized, driven by strategic production adjustments from key players like Samsung and SK Hynix. With exports nearing USD 88.8 billion by August, Korea is set to break new records. Looking forward, the country is building the world’s largest semiconductor mega-cluster in Gyeonggi Province, spanning 21 million square meters, to secure its global leadership. The government's KRW 26 trillion investment in the semiconductor ecosystem has also attracted global suppliers of materials, parts, and equipment to Korea, further enhancing its competitive edge. Discover more at: www.investkorea.org #InvestKorea #IKMagazine #Semiconductor #Samsung #SKHynix

🌍 Last Thursday, we had the pleasure of meeting with the CSA Group, a global leader in testing, inspection, and certification services, during their visit to Korea. 🇨🇦🤝🇰🇷 Dr. Taehyung Kim, our Commissioner, shared insights on how the Korean government is tackling recent economic and industrial challenges, ensuring resilience and growth in an ever-evolving landscape. A big thank you to the CSA board members for the meaningful discussions! We look forward to continued collaboration. 🙏 #InvestKorea #GlobalPartnerships #EconomicGrowth

On Friday, November 8—the final day of IKS—Invest Korea is thrilled to host an information session in collaboration with the Seoul City Government! This session aims to support the smooth settlement of foreign residents in Korea. Please note that this seminar will be held at FKI Tower 3F, while IKS will take place at Grand InterContinental Seoul Parnas. If you have any questions or challenges related to settling in Korea—whether it's about healthcare, finance, education, or visas—this seminar is for you! Don't miss out on this valuable opportunity to get the information you need! We look forward to seeing you there! 🇰🇷✨

German Chip Materials Firm Merck Opens New R&D Center in S. Korea According to Yonhap News, German-based tech company Merck on Thursday launched a new research and development (R&D) center for a key semiconductor material for artificial intelligence (AI) chips in South Korea in a bid to respond quickly to customer needs here. The Korea Spin-on-Dielectric (SOD) Application Center, located in Anseong, 65 kilometers south of Seoul, is the second of its kind in Asia and part of Merck's global R&D network and capabilities, according to the company. The facility will accelerate the development of SOD materials, which are used in semiconductor manufacturing to create insulating layers on wafers. This new center aims to support the growing demand for advanced memory and logic chips, driven by the expanding role of AI in the semiconductor market. "The breakthroughs that will come from this lab will help shape the future of semiconductor technology, allowing us to meet the rapidly evolving demands of the digital world," Kai Beckmann, CEO of Merck Electronics, said. Merck said the center will also be integrated into the ecosystem of Merck's broader portfolio of semiconductor-related materials, in close collaboration with South Korean tech giants, such as Samsung Electronics Co. and SK hynix Inc. Merck has committed to investing 600 million euros (US$652.4 million) in South Korea by 2025 and has already spent more than half of that amount. Copyrights Yonhap News. All Rights Reserved. Find out more information about Korea: www.investkorea.org #KOTRA #InvestKorea #AI #AIChip #Semiconductor #Economy_News

Looking to settle in Korea? Invest Korea not only shares the latest industry news but also offers practical tips for living here. From understanding Korea's taxation system 💼, to converting foreign driver’s licenses 🚗 and opening a bank account 🏦, we’ve got you covered. Visit our website for more details!: www.investkorea.org

Looking to establish your office in Korea but haven’t found the perfect spot yet? 🌍✨ Look no further than Invest Korea Plaza (IKP)—the first facility in Korea dedicated to supporting foreign investors and international organizations. 🏢 IKP offers fully serviced offices, business lounges, video conference rooms, and even amenities like a shower and sleeping lounge, ensuring a seamless experience for investors. Let us help you grow your business in Korea with top-tier convenience and support. 🚀

In the third quarter of 2024, Korea achieved a record-breaking USD 25.1 billion in accumulated Foreign Direct Investment (FDI) on a declaration basis—the highest figure since FDI data tracking began in 1962. 🤲 📍 Manufacturing sector investments surged by 36.4% year-over-year, reaching USD 12.31 billion, once again hitting a historic high after last year’s outstanding performance. 📍 Greenfield Investments in new or expanded facilities, such as factories, increased by 12.9% from the previous year, reaching a record USD 18.93 billion. Foreign direct investment is a key driver of our economic growth, strengthening supply chains and creating jobs. https://lnkd.in/g56fAQqs

FDI Pledges to S. Korea Hit Fresh Record Through Q3 According to Yonhap News, Foreign direct investment (FDI) pledges to South Korea jumped 5.2 percent over the January-September period, data showed Wednesday, driven by the robust performance of the manufacturing sector. South Korea received US$25.18 billion in FDI commitments during the first nine months of 2024, the highest amount since the country began compiling the data in 1962, according to the Ministry of Trade, Industry and Energy. The amount of investment that actually arrived in South Korea, however, fell 27.2 percent during the period to $10.4 billion. "(The latest data) shows that South Korea has been attracting investment from global companies as a stable and attractive destination, amid the escalating geopolitical conflict in the Middle East and the tension between the United States and China," the ministry said in a statement. By industry, the manufacturing sector received FDI pledges worth $12.3 billion, up 36.4 percent from a year earlier. The sector accounted for 48.9 percent of the total investment pledges. The electricity sector saw its investment rise 35.9 percent to $4.51 billion, followed by the machinery segment with $1.66 billion, more than doubling from a year earlier. On the other hand, the chemical sector saw its investment pledges fall 16.8 percent to $2.5 billion. The report also showed that the service industry received FDI pledges worth $11.9 billion over the January-September period, down 13.3 percent on-year. The sports and entertainment sector attracted $250 million worth of investment, up 95.8 percent on-year, while the finance and insurance segment saw its investment fall 1.1 percent to $7.32 billion. By investor, the United States pledged $3.12 billion worth of investments through the third quarter, down 39.9 percent on-year. The European Union pledged to make investments worth $3.95 billion, also down 1.4 percent during the period. FDI pledges from China, Hong Kong and Taiwan, however, more than doubled, reaching $5.68 billion, up from $2.23 billion a year earlier. Investment pledges from Japan hit a record high at $4.69 billion, compared with just $910 million posted a year earlier, the report added. Copyrights Yonhap News. All Rights Reserved. Find out more information about Korea: www.investkorea.org #KOTRA #InvestKorea #Economy_News #FDI