South Korea’s meteoric rise into an economic power and one of Asia’s premium developed nations is one built on the hard work, dedication and determination that has become emblematic of the country’s business culture.
The country’s businesses, led by mega-conglomerates known as chaebols, are now household names globally. From ships and cars to TVs and smartphones, Korean brands have managed to earn people’s trust at home and abroad.
The global nature of Korean businesses, be it Samsung, LG, Hyundai, SK Group or Lotte, makes them some of the most sought-after investors. Countries are keen on attracting their capital and expertise, and their ability to build high-tech products that are both popular and of best quality.
Asia, North America and Europe accounted for 34.1%, 22.8%, and 23.5% of Korean outward foreign direct investment (FDI), respectively, in 2018, according to South Korean government data, while the US, China and Vietnam accounted for 28.1%, 12.4% and 8.2% of Korean FDI, respectively, by country.
The manufacturing sector was the nation’s largest, accounting for 32.3% of Korean total outward FDI in 2018. Financial services and insurance, mining and quarrying, and wholesale and retail trade sectors accounted for 18%, 14.3%, and 11.6%, respectively, in the same period.
Chae Jooyup
Senior Vice President of KICA,
General Counsel and VP of SK Biopharmaceuticals,
International Arbitrator at the KCAB International
Korea’s global outreach
As many economies start to reopen, South Korean companies are racing to expand their global outreach. According to figures released by the country’s Ministry of Trade, Industry and Energy, exports have jumped 39.7% year-on-year in June, reaching the third-largest value on record, at USD54.8 billion. It also showed that exports in May surged 45.6% on the previous year, the sharpest expansion in 32 years, with semiconductors and vehicles making the top products and signalling a robust demand globally.
In May, the government unveiled an ambitious plan to spend USD450 billion to establish the world’s largest semiconductor supply chain by 2030, joining a global competition to dominate in this key technology.. … (Read more)
Tax planning strategies for South Korean investors
Globalisation seems like a clichéd term that has been around for some time. However, it is still very much alive because it is a phenomenon that continues to evolve. Whether companies have already made investments or are making new investments abroad, tax laws are constantly changing in response to the evolving practices of globalisation. … (Read more)
Kim Sunyoung (Sunny)
Senior foreign attorney
Shin & Kim
Kim Minhyung (Michelle)
Foreign attorney
Shin & Kim
Indian investment opportunities for South Korean businesses
The progression of foreign investment in India has made it a quintessential place for foreign investors, made possible largely due to investor-friendly regulatory reforms, availability of low-cost skilled labour and vast expanse of opportunities in the Indian market. South Korea has emerged as one of the largest contributors of foreign direct investment (FDI) in India.… (Read more)
Gaurav Dani
Founding and Senior Partner
IndusLaw
Saurav Kumar
Partner
IndusLaw
The disputes landscape for foreign investors in India
India has a robust legal system where commercial disputes are generally settled by litigation before the courts, or through arbitration. What are the common areas of dispute and non-compliance that any South Korean investor should be aware of when planning to invest in the country, and what remedial action is available within the legal framework? … (Read more)
Atul Pandey
Partner
Khaitan & Co
Ravitej Chilumuri
Partner
Khaitan & Co
Investment rules, agencies and dispute resolution in Nigeria
Nigeria is among the most promising areas of growth in Africa and attracts numerous investors in the hydrocarbons, shipping, energy, mining, agro-allied, manufacturing and infrastructure sectors. It is a federation of 36 states and one federal capital territory. Each of the states is a semi-autonomous political unit that shares power and foreign direct investment (FDI) .… (Read more)
Adedolapo Akinrele
Partner
FO Akinrele & Co
Adewale Sontan
Associate
FO Akinrele & Co
Abraham Otene
Associate
FO Akinrele & Co
Brief guide to FDI in the Philippines
Bangko Sentral ng Pilipinas, the central bank of the Philippines, recently reported that foreign direct investment (FDI) in the country increased by 41.5% in January 2021 to USD961 million from USD679 million in January 2020. A 116% surge in FDI net inflows stemmed mainly from foreign companies’ loans to local affiliates … (Read more)
Raoul Angangco
Senior Partner
Villaraza & Angangco
Sylvette Tankiang
Partner and Chief Financial Officer
Villaraza & Angangco
Franchette Acosta
Senior Partner
Villaraza & Angangco
Foreign investment-friendly IP regime in Taiwan
Taiwan is an important R&D centre in Asia and plays a key role in the global supply chain. When considering an investment in the jurisdiction, IP is a crucial intangible asset for which advanced planning is necessary. The major laws in the IP field include the Patent Act, the Trademark Act, the Copyright Act, and the Trade Secrets Act … … (Read more)
Jane Wang
Partner
Formosa Transnational
Brian Hsieh
Partner
Formosa Transnational
Monica Wang
Partner
Formosa Transnational
Overview of arbitration and dispute resolution in Taiwan
At first blush, the mechanisms in place for dispute resolution in Taiwan – including arbitration, mediation and litigation – are not so different from those in place in other civil law jurisdictions. However, some practices in Taiwan do deviate, so local nuances should be noted and considered. …… (Read more)
Huang Shilin
Partner
K&L Gates
Investment incentives and setting up business in Taiwan
Interactions between South Korea and Taiwan have become increasingly close, particularly in terms of trade. With total trade of USD36 billion in 2020, South Korea was Taiwan’s fifth-biggest partner, according to Taiwan Bureau of Foreign Trade data. Likewise, Korean customs data shows Taiwan was also South Korea’s fifth-biggest partner.… (Read more)
Robin Chang
Partner
Lee and Li
Matt Lai
Associate Partner
Lee and Li
Lu Jialin
Attorney
Lee and Li
Regulatory overview for companies doing business in Thailand
South Korea was the biggest foreign investor into Thailand in the first quarter of 2021, accounting for more than THB10 billion (USD314 million) or 17% of total foreign investment in the country, according to Thai government data. While this ranking might prove temporary, it illustrates that South Korean companies see Thailand as an attractive destination to set up businesses.… (Read more)
Warot Wanakankowit
Partner
Warot Advisory Services
Investment protection strategy post-FTAs in Vietnam
When investing in Vietnam, there are many things that South Korean investors take into consideration such as cheap and educated labour, the domestic market and benefits under international trade agreements. In this regard, it seems the investment protection mechanism provided to investors under various investment protection agreements (IPAs) is easily overlooked.… (Read more)
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Phung Anh Tuan
Managing Partner and CEO
VCI Legal
David Seungmok Oh
Special Counsel
VCI Legal
Nguyen Hai
Associate
VCI Legal
