The government opened Foreign Investment Week 2012 on Tuesday to promote foreign investment into Korea and strengthen its investment network with foreign companies.

The Knowledge Economy Ministry and the state-run Korea Investment-Trade Promotion Agency organized the three-day international convention.

The annual event, the largest of its kind, includes a pre-opening network dinner and a series of break-out forums on multiple sectors, including green energy, ICT market, cultural content, venture capital and parts and materials industry.

KOTRA president and CEO Oh Young-ho said in his opening remarks, “With the FIW as the nation’s signature foreign investment promotion convention, we will provide more practical support to help foreign investors to form partnerships with the best Korean partners.”

Since the effectuation of the Korea-U.S. Free Trade Agreement, foreign investment to Korea has increased by 34 percent, the KOTRA president said.

How much benefit the free trade agreement can yield to foreign investors was the core issue at the convention. Among over 400 foreign investment prospects, Syed F. Ahmed, managing director of Dubai-based Safra International Trading, expressed his interest in investing in the Korean green energy sector, especially the wind and related renewable energy industry.

With a population of about 50 million and GDP in the range of $1.16 trillion as of 2011, Korea has a huge market, said Invest Korea, the state-run foreign investment promotion body. Korea currently has FTAs with 45 countries including ASEAN members and EU countries. Negotiations to sign a Korea-China FTA are under way.

Investment Korea commissioner Han Ki-won said, “The Land of Morning Calm has transformed itself into a dynamic arena.”

Korea placed third in technological innovation in World Intellectual Property Organization’s 2011 report.

By Chung Joo-won (joowonc@heraldcorp.com)