• African American, Carribian and Latino Section
• Drum Beat
• Heather's Section
• Anything Goes
• Humanitarian Corner
• Dynamic Duo
• Gloria's Section
• Betty's Section
• Cultural Section
• Buisness and Politics Section

2005 Korean Investment Mart

June 9, 2005

Marriott Hotel, NYC

The Korean Conference started off with prominent businessmen from all sectors who assembled to listen and to do business with Korea, which has the 14 th largest economy in the world, as well as great opportunities for America to invest. There are already over 250 Fortune 500 companies already established there doing business.

Mr. Henry Chung, the emcee, introduced the keynote speaker, who Sung Jin KIM. The speech went as follows.

Honorable guests, and representatives of various investment institutions.

As the administrator of Korea’s Small and Medium Business Administration, I consider it a great honor, and quite significant to inform you of the current condition of the Korean Investment Markett, as we gather here in New York-the heart of the world financial markets.

Both in terms ensuring national securing on the Peninsula, and helping sustain economic stability for the past 50 years, the USA has played a vital role in Korea’s strongest allies.

As a result, Korea has grown to the point that it is now the USA’s 7 th largest trade partner and a major player in the world market.

Distinguished guests, as you may already be aware, post-1960’s during the period of substantial economic growth, Korea attained desperately needed capital, mostly from foreign loan and export.

However, the financial crisis that affected many Asian countries in 1997 alerted the government fo the importance of Foreign direct investment (FDI).

The government’s ongoing efforts to attract FDI, which has a positive economic impact in terms of increasing economic growth potential and creating jobs in Korea, will continue, along with trade opening.

In 2004, accumulated foreign direct investment (FDI) mounted to US$100 billion.

Most FDI was in the manufacturing sector, indicating that the quality of FDI has also improved.

The Korean government of course, will not remain complacent about this progress. We will further our efforts to create an even more attractive investment environment.

Now, I would like to tell you about what policy measure have been put in place to induce investment.

The Korean government has continually revised laws and revamped existing system to improve the overall investment environment.

The “Foreign Investment Promotion Act” was once such move, designed to streamline complicated licensing and reduce the red tape that once impeded foreign investment.

As another welcome measure, we offer foreign investors many incentives.

Tax holidays, financial support, land leasing and cash grants are offered to high-tech and industry-supporting service sectors.

Our ultimate goal is to make Korea a home away from home for the international investment community.

The Korean government is keenly aware of concern surrounding Korea’s labor-management relations.

We will put forth efforts to resolve this issue, particularly for foreign firms.

Above all, because I realize the need to assure foreign investors tangible gains.

I will do everything in my power to help you encounter investment in Korea.

After the keynote speech, Henry Chung introduced Crystal Shin of the Korean Advocacy Association, who did a presentation and rundown of companies where people can make investments through different sectors. There were different companies showcased in the presentation, including Changhae Soft, which focuses on Enterprise Resource Planning specially designed for the construction industry, Innovative Corporation, a leader in the development of digital multimedia content authoring and streaming solutions, Infortal Co., Inc. the industry of maintenance, repair and operation, which pertains to the business related to electronic commerce transactions in consuming materials and supplies for business entities, E3net Co., Ltd., one of the most promising mobile game companies in Korea, whos game, “Coin Stack”, has rapidly become one of the most popular mobile games, occupying the number 1 market share of the One Click Arcade Game.

Everyone then went to lunch, and then people had the opportunity to speak with representatives of Korean businesses with regard to investing in such companies.

Lidia Vita and Betty Coker are known as "The Dynamic Duo". The reason or this is they both work well hand-in-hand. They will cover trade shows, e.g. World Famous ENK shows, Fame shows, computer technology expos, gift shows and other trade shows and expos to educate you folks on how you can attend them, and give you exclusive, in-depth interviews with the vendors and the people behind these trade shows and the new products on the market. They will also educate you about different cultures and festivities. If you are interested in having the dynamic duo write about your festival or trade show, or have any comments or suggestions for them, please feel free to email them at dynamicduo@hadofnyc.org, or telephone them at our hotline, at (718) 507-7616 between the hours 8:00am and 8:00pm Monday through Friday.