In Seoul, on September 28th, WAIPA Deputy CEO Ismail Delivered delivered a speech on “The importance of Korea to promote FDI globally” during the Opening Ceremony of the Korea Foreign Investment Week (KFIW).
Ersahin stated that “When we speak of FDI around the world the importance of Korea for promoting Global FDI cannot be missed”. Given the changes brought forth by the globalizing world economy, the Korean government has recently pursued an FDI policy regime very different from that of the previous “compressed industrialization” era.
As a result, Foreign Direct Investment in South Korea increased multifold in 2016. Korean firms were able to assimilate imported embodied technology so rapidly that they managed to achieve subsequent expansion while upgrading industrial structure to emerge as global brands like Samsung, Hyundai and LG. Korea moved from an agrarian economy to a mature economy in just three decades.
Ersahin: “This model of economic uplift is what inspires other IPAs” and therefore, the investment promotion example set by Korea shows us that aftercare and follow-up service delivery matters just as much as initial investment attraction. According to Ismail Ersahin “It is helping to create, together with its consultative partners, a new narrative for FDI promotion.”
As the WAIPA Deputy CEO elaborated, WAIPA envisions a more empowered measured of Investment Promotion Agency network around the world for FDI growth and development. And therefore, Ersahin stressed “We proudly have KOTRA in WAIPA’s board which forms a perfect example for other IPAs to get inspired by. I believe KOTRA represents the reason why IPAs are important for countries if they want to succeed in promoting trade and investment.”
The KFIW took place September 27-29 in Seoul, South Korea.