By Diplomacy Journal Kayla Lee

The Ministry of Trade, Industry and Energy held a launching ceremony on Sept. 4 for the team to boost the effectiveness of foreign direct investment (FDI) in the country and provide support at the Korea Trade Insurance Corp. in Seoul's Jongno-gu District.

Participants included officials from the ministry, foreign investment companies, Korea Trade-Investment Promotion Agency, Seoul Metropolitan Government, Ministry of Land, Infrastructure and Transport, Chungcheongnam-do Province and Incheon Port Authority.

The team is designed to manage the entire process from investment reporting to project completion so that FDI proceeds swiftly and to identify and provide comprehensive support for any difficulties arising in implementation.

The first meeting saw four foreign investment companies that expressed interest to invest in the country. They shared their difficulties and requests in the investment process ranging from finding locations to lifting restrictions and supporting incentives.

The trade ministry will discuss overcoming such obstacles with related ministries, local governments and organizations and improve the FDI environment by reflecting the voices of businesses from the field.