Moon asks foreign firms to expand investment in S. Korea

SEOUL, Feb. 17 (Yonhap) -- President Moon Jae-in on Thursday asked foreign firms to expand their investment in South Korea, saying that the economy is showing signs of a strong recovery amid the COVID-19 pandemic. Moon made the remarks at a meeting with senior executives of foreign-invested companies here, the presidential office said in a statement. "In the midst of the coronavirus crisis, Korea endured the least economic impact among major nations and showed a rapid and strong recovery, solidifying its status as a stable investment destination," Moon said. In contrast to other nations that were under stringent lockdown measures, South Korea has kept its economy open and ensured the movement of logistics and people, Moon said. Since the pandemic began, South Korea has managed to curb the spread of the virus with social distancing curbs, without enacting the drastic measure of lockdown. The government has also provided tax incentives, including an exemption of corporate and income taxes, to foreign firms when they make investment here, Moon said. Foreign investment stood at a record high of nearly US$30 billion last year, according to the presidential office. kdh@yna.co.kr (END)