South Korea and Foreign Direct Investment : Policy Dynamics and the Aftercare Ombudsman

This book examines Korea's foreign direct investment policy dynamics and points out the importance of mutual synergy between multinational corporations and their host countries in a winwin framework and the increasing importance of this in a post-pandemic world. A multitude of case studies show many of the business difficulties foreign investors in Korea face, and how the Foreign Investment Ombudsman has intervened to resolve each one. The book addresses Korea's challenges and efforts to become a truly preferred FDI destination through active FDI inducement and effective aftercare services. Investigating the ambivalent attitude toward foreign direct investors and foreign migrants in an increasingly globalizing world, the author also analyses the issue of xenophobia. The book demonstrates empirically that appropriate and timely aftercare services can serve as not only a robust facilitator for cross-border investment but also a preventer of undesirable friction between foreign investors and host economies, before disputes become serious legal matters. Finally, it draws policy implications toward a liberal investment order post COVID-19. The book will be of interest to policymakers, investors, and researchers on Korean and East Asian economic studies, FDI promotion, and deregulation for a better business environment. Cover Endorsement Page Half Title Series Page Title Page Copyright Page Dedication Table of Contents List of figures List of tables List of boxes List of abbreviations Foreword Preface Acknowledgements Chapter 1 Introduction and overview 1.1 Introduction 1.2 Special features of recent global FDI flows 1.3 Summary Notes Chapter 2 Korea’s outward-looking development strategies, dynamics of FDI policy, and emerging challenges toward a regional business hub 2.1 Introduction 2.2 Essence of Korea’s successful outward-looking development and emerging challenges in the subsequent “compressed” growth regime 2.3 Shift in Korea’s FDI policy and FDI performance post-Asian financial crisis (1998) 2.4 Korea’s drive toward a regional business hub 2.5 Summary Notes Chapter 3 Case stories of grievance resolutions for MNEs in Korea 3.1 Introduction 3.2 Foreign Investment Ombudsman: organization and eligibility 3.3 Difficulties on business permit, renewals, and factory site construction 3.4 Taxation and custom tariffs raise frequent grievances 3.5 Labour relations cause grievances 3.6 Outdated, opaque, and hidden regulations continue to raise grievances 3.7 Incentive provisions contain problems 3.8 Preemptive outreach services for foreign investors 3.9 Summary Notes Chapter 4 Facilitating FDI with aftercare ombudsman system and policy implications 4.1 Introduction 4.2 Global recognition of Korea’s Ombudsman System 4.3 Korea’s challenges toward an FDI-friendly business hub 4.4 Policy implications for Korea’s drive to a frontier high-tech economy 4.5 Policy implications for FDI-seeking economies 4.6 Policy implications for GVC-intensive FDI post-Covid-19 4.7 Conclusion Notes References Index "This book examines Korea's foreign direct investment policy dynamics and points out the importance of mutual synergy between multinational corporations and their host countries in a win-win framework and the increasing importance of this in a post-pandemic world. A multitude of case studies shows many of the business difficulties foreign investors in Korea face, and how the Foreign Investment Ombudsman has intervened to resolve each one. The book addresses Korea's challenges and efforts to become a truly preferred FDI destination through active FDI inducement and effective aftercare services. Investigating the ambivalent attitude toward foreign direct investors and foreign migrants in an increasingly globalizing world, the author also analyses the issue of xenophobia. The book demonstrates empirically that appropriate and timely aftercare services can serve as not only a robust facilitator for cross-border investment but also a preventer of undesirable friction between foreign investors and host economies, before disputes become serious legal matters. Finally, it draws policy implications towards a liberal investment order post COVID-19. The book will be of interest to policymakers, investors, and researchers on Korean and East Asian economic studies, FDI promotion, and deregulation for better business environment"-- Provided by publisher