U.S.-KOREA FTA: Unlocking Opportunities in Korea

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1 U.S.-KOREA FTA: Unlocking Opportunities in Korea

2 FTA, FDI and Korea U.S.-KOREA FTA: Changes in Korea s Investment Regime Korea: Your Business Destination Invest KOREA

3 FTA, FDI and Korea

4 FTA: A bilateral or multilateral trade agreement aimed at increasing income and employment by facilitating trade through lowered tariffs and non-tariff barriers. FDI: An investment made to acquire lasting interest in enterprises operating outside of the investor's economy. The U.S.-KOREA FTA is a comprehensive agreement that includes both trade and investment clauses.

5 The U.S.-KOREA FTA is the most significant FTA since NAFTA. - Office of the United States Trade Representative (USTR) The KORUS FTA will not only create jobs, but will save jobs. - Thomas J. Donohue, President & CEO, U.S. Chamber of Commerce America cannot expand its manufacturing base without greatly increasing the volume of goods it sells overseas. That is why I applaud the free-trade agreement - Jeffrey R. Immelt, Chairman & CEO, General Electric

6 Japan is in competition with Korea in many fields. Japan considers the KORUS FTA a threat to its export competitiveness, as the Japanese economy depends heavily on exports. - Hiromasa Yonekura, Chairman of the Japan Business Federation, Chairman of Sumitomo Chemical Once the KORUS FTA goes into effect, Korea will not only serve as a bridge between the markets of advanced and developing countries, but also emerge as an FTA hub for the world. - Global Times (Hwangu News, a Chinese newspaper), May 6, 2011 The KORUS FTA will strengthen Korea s competitiveness and eventually be a major threat to China. - Strategic Implications of KORUS FTA and Its Influence on China <Social Science Strategy>

7 1. Create jobs 2. Sustain the economy 3. Open new markets * Jobs and GDP figures indicate what the U.S. economy would have looked like in 2009 had the FTA been fully implemented, all factors being constant. * Source: Updated assessment of the U.S.-Korea Free Trade Agreement (FTA), January 25, 2011 Majority Staff of the Senate Committee on Finance Subcommittee on Trade * Source: The U.S.-South Korea Free Trade Agreement: More American jobs, faster economic recovery through exports, White House

8 The economic potential of the Korean Wave [ Korea s Content Industry Market Size ] Korea's Exports by Product Cultural Spending Per Person (Units: Billion USD) Ranking Country Cultural spending per person 1 Norway $2, Korea $732 0 Source: PwC, IMF (2011) Source: Ministry of Culture, Sports and Tourism / Korea Customs Service (2011)

9 U.S.-KOREA FTA: Changes in Korea s Investment Regime Regulatory changes and their impact on investment Trade and investment Hub-and-spoke FTAs

10 1. Regulatory changes and their impact on investment * Word-cloud source text from KORUS FTA Chapter 11 Investment to Chapter 22 Institutional Provisions and Dispute Settlement U.S. investors, especially investors in financial services, would likely gain from the KORUS FTA. - United States International Trade Commission - It is the best financial services chapter negotiated in a free trade agreement to date. - Citigroup's Laura Lane, corporate co-chair of the U.S.-Korea FTA Business Coalition -

11 1. Regulatory changes and their impact on investment ( Broadcasting / Telecommunication ) Program Provider Ownership Regulation Expected growth rate of PP s foreign ownership ( , annual average) Foreign Ownership Share of Program Provider

12 2. Trade and investment FTA provisions eliminate 95% of each nation's tariffs on goods within five years. Additional FDI of $2.3B-$3.2B is expected in Korea annually for the next 10 years. It will most likely go into Korea s leading industries. Global Manufacturing Competitiveness Index

13 3. Hub-and-spoke FTAs In effect Concluded Underway On the agenda USA, EU, Chile, Singapore, EFTA, ASEAN, India, Peru Turkey Canada, Mexico, GCC, Australia, New Zealand, Colombia Japan, China, Central America, Korea-China-Japan, MERCOSUR, Russia, Israel, Vietnam, Mongolia, SACU, Indonesia, Malaysia Source: Ministry of Foreign Affairs and Trade

14 Korea: Your Business Destination

15 In terms of providing consulting services, Korea is a market of inexhaustible opportunities. - Marcus von Engel, Partner, Accenture Co., Ltd. "On coming to Korea, we found that the attitude to doing business, capital markets, regulations and transparency were ideal for new business to grow. - John Walker AM, Chairman, Macquarie Group of Companies, Korea "Korea has a very clear legal system. I am quite satisfied with my life in Korea. - Preston C. Draper, Country Manager, COSTCO WHOLESALE KOREA, LTD.

16 G20 Expo 2012 YEOSU KOREA PyeongChang 2018 Productive Effect (US$) 90 million 16 billion 15.9 billion Creative Effect (US$) 19 billion N/A 38.9 billion Total (US $) 19.1 billion 16 billion 55 billion Job Creation 112,000 78, ,000

17 LED Green car Pharmaceutical Software 2nd battery Healthcare Material Communication Fuel cell Connector Adhesive 3D display Online game Rare earth Semiconductor Water treatment Robot Plant engineering Flexible display Epi wafer Battery Management System Biosimilar Entertainment SW Anode, separator Visual diagnostic equipment Carbon nano fiber and tube Broadcasting station Internal mechanism High-precision connector Functional, eco-friendly Glass-less 3D effect Global distribution Metal extraction System memory Membrane treatment Service purposes Power plant heat exchange PCB material

18 16.00% % 12.00% % 8.00% Korea All Countries % Source: U.S. Department of Commerce, Bureau of Economic Analysis Note: Returns are calculated as the following ratio: (direct investment income without current-cost adjustment, net of withholding taxes)/ (U.S. direct investment position abroad on a historical-cost basis)

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20 Strategic Marketing National IPA Investment Planning Department Investment Promotion Department Management Support SME Support Global Business Information

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22 NORTH AMERICA New York, USA Tel: (1-212) Fax: (1-212) Los Angeles, USA Tel: (1-323) Fax: (1-323) Chicago, USA Tel: (1-312) Fax: (1-312) Dallas, USA Tel: (1-972) Fax: (1-972) Washington D.C., USA Tel: (1-202) Fax: (1-202) San Francisco, USA Tel: (1-650) Fax: (1-650) Detroit, USA Tel: (1-248) Fax: (1-248) Toronto, Canada Tel: (1-416) Fax: (1-416) Vancouver, Canada Tel: (1-604) Fax: (1-604) EUROPE Frankfurt, Germany Tel: (49-69) Fax: (49-69) Hamburg, Germany Tel: (49-40) Fax: (49-40) Munich, Germany Tel: (49-89) Fax: (49-89) Paris, France Tel: (33-1) Fax: (33-1) Moscow, Russia Tel: (7-095) /31 Fax: (7-095) London, U.K. Tel: (44-20) Fax: (44-20) Madrid, Spain Tel: (34-91) Fax: (34-91) Brussels, Belgium Tel: (32-2) Fax: (32-2) Milan, Italy Tel: (39-02) Fax: (39-02) Zurich, Switzerland Tel: (41-1) Fax: (41-1) Stockholm, Sweden Tel: (46-8) Fax: (46-8) Copenhagen, Denmark Tel: (45) Fax: (45) Amsterdam, Netherlands Tel: (31-20) Fax: (31-20) Vienna, Austria Tel: (43-1) Fax: (43-1) Helsinki, Finland Tel: (358-9) Fax: (358-9) ASIA & OCEANIA Singapore Tel: (65) Fax: (65) Sydney, Australia Tel: (61-2) Fax: (61-2) Melbourne, Australia Tel: (61-3) Fax: (61-3) Tokyo, Japan Tel: (03) Fax: (03) Osaka, Japan Tel: (81-6) Fax: (81-6) Nagoya, Japan Tel: (81-52) Fax: (81-52) Fukuoka, Japan Tel: (81-92) Fax: (81-92) Beijing, China Tel: (86-10) Fax: (86-10) Shanghai, China Tel: (86-21) Fax: (86-21) Guangzhou, China Tel: (86-20) Fax: (86-20) Qingdao Tel: (86-532) /4 Fax: (86-532) Kuala Lumpur, Malaysia Tel: (60-3) Fax: (60-3) Mumbai, India Tel: (91-22) Fax: (91-22) Hong Kong Tel: (852) Fax: (852) Taipei, Taiwan Tel: (886-2) Fax: (886-2) MIDDLE EAST & AFRICA Dubai, UAE Tel: (971-4) Fax: (971-4)

23 facebook.com/investkorea

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