Korea, Your Wise & Profitable Choice Korea: A Breeding Ground for Success Investment Environment & Opportunities
English June 2012
Where Opportunities Await Korea, Your Wise & Profitable Choice
Investment Environment & Opportunities
Destination Success: Korea A Country of Advantages & Opportunities Five millennia of history and culture. Rapid economic development. Democratization in the last 60 years. This is Korea - a country that has seized and flourished upon opportunities and now offers foreign investors opportunities to grow and succeed together. Boasting high purchasing power and sophisticated customers, the Korean market is filled with talented human resources, innovative technologies, world-changing industries and advanced transportation and logistics networks. Our geographical advantage of neighboring the major markets of China and Japan offers yet more possibilities. Most importantly, Korea is prepared to support your success. Our government has business-friendly policies, and we’ve got a support system to make sure you’re working in an ideal investment environment. So come to Korea. The opportunities await.
“Korea, which has intellect and passion, can’t help but succeed.”
KOREA at a Glance Official Name
• Warren Buffet, Chairman of Berkshire Hathaway
Capital
Republic of Korea Seoul
Area
About 100,000 km2
Population
49,779,000 (2011)
Official Language
Korean
Illiteracy
0% (20-40 age group)
“Korea is the only case in which a foreign aid recipient has turned into a foreign aid donor.”
Religions
Buddhists: 22.8%; Protestants: 18.3%; Catholics: 10.9%; Won Buddhists: 0.3% (as of 2005)
Climate
Continental climate with four distinct seasons
• Bill Gates, Founder of Microsoft
Time Zone Political Structure
“If you make the best use of Korea’s human resources, which have a tremendous focus on their work and high labor productivity, you can build up a huge empire.” • Jon Huntsman Sr., Founder & Chairman of Huntsman Corporation
GMT + 9 hours Presidential system in a democratic republic
Economy
GDP: US$1.16 trillion (2011)
Currency
KRW
Major Industries
IT, electronics, semiconductor, automobile, shipbuilding, steel-making & petrochemical
Market 8 Reasons to Choose Korea Market of Opportunities
50 million Population
The Korean Market
With a population of about 50 million and GDP in the range of US$1.16 trillion as of 2011, Korea has a huge market. Its GDP per capita is $22,778, and the population has very strong purchasing power. In fact, the high-end Korean market is recognized as the global trend-setter. Its response to new products affects many companies’ marketing strategies for not only China, Japan and ASEAN member nations, but also for Europe and other parts of the world.
$1.16 trillion GDP (2011)
Korea’s Neighboring Markets Northeast Asia has now become one of the three global economic pillars, along with the United States and Europe. Geographically, Korea is situated at the center of air and maritime transportation networks in Northeast Asia. There are 61 cities with a population of more than 1 million within a 3-hour flight from Seoul. Also, Korea, Japan and China boast a combined GDP of about $14 trillion. Their total population exceeds 1.52 billion, or 22% of the global population, and their trade volume is $5.32 trillion, or 17.6% of total world trade.
Korea’s FTA Markets Korea has signed free trade agreements with the EU and the U.S., and they went into effect in 2011 and 2012, respectively. As of June 2012, Korea has signed FTAs with 45 countries including ASEAN, the European Free Trade Association (EFTA), India and Peru, while FTA negotiations between Korea and China are underway. The economies of the countries with which Korea has signed FTAs account for 61% of the total global economy and are home to 36.2% of the world’s population. Korea’s Global FTA Network
w/45 countries
In effect
Concluded
Underway
Investment Environment & Opportunities
FTA
On the agenda
Source: Ministry of Foreign Affairs and Trade, Korea (as of June 2012)
06 07
Growing An Ever-Growing Nation
9
th
Largest trading nation
144
A Country with Dynamic Energy
Just 60 years ago, Korea was a country devastated by war and poverty. The elements that have made Korea a key player in the international economy include aid from the international community, Koreans’ devotion to work, the steady efforts of successive governments to open up its economy and corporate efforts to innovate and enhance their international competitiveness. Between 1970 and 2011, Korea’s GDP grew by more than 144 times, from $8.1 billion to $1.16 trillion. Between 1961 and 2011, Korea’s GDP per capita grew by more than 280 times, from $82 to $22,778. So far this millenium, Korea has achieved an average annual economic growth rate of about 4.5% and maintained strong economic vibrancy. Growth of Korea’s GDP
-Fold growth from 1970 to 2011
(Unit: US$ billion)
8.1
63.8
263.8
533.4
1,014.5
1,163.8
1970
1980
1990
2000
2010
2011
Source: OECD
Growth of Korea’s International Trade
9th 12th
12th
Global Ranking
66th
Trade Volume
$545.6 billion
$200 million
$11.3 billion
$112.5 billion
1948
1974
1988
2005
2011
Rising in the International Community The Seoul Summer Olympic Games in 1988 helped Korea become known worldwide. In 2002, Korea co-hosted the World Cup with Japan. And in 2018, Korea will play host to the Winter Olympics. All of these are indications that Korea has emerged as an important player in the international community. Korea also held the 2010 G-20 Summit in November of 2010, leading discourse about global political and economic issues. In the same year, Korea joined the OECD DAC (Development Assistance Committee), becoming the first country to go from being a foreign aid recipient to an aid donor.
1
st
Aid-recipient nation to become an aid donor
Investment Environment & Opportunities
$1.08 trillion
34th
08 09
People A Driven People
Global Talents
Koreans are famous for their passion for education. Korea’s illiteracy rate was 1.7% as of 2008. Every year, approximately 470,000 college graduates join the workforce. In the spring of 2012, Korea’s college entrance rate was 72.5%, the highest in the OECD. The country’s college graduation rate in the 25-34 age group is 63%.
470,000 Number of college graduates who join the workforce annually
63%
College graduation rate
Such a strong passion for education in a stable educational system explains Korea’s continuous supply of high-quality human resources, which in turn enhance the competitiveness of companies and help them constantly innovate. College Graduation Rate - OECD Top 5
Engineering College Graduates - OECD Top 5 (of every 100,000 people)
(age 25-34 in 2011)
63%
56%
56%
48%
47%
3,555
2,987
2,717
2,384
2,380
Korea
Canada
Japan
Ireland
New Zealand
Korea
New Zealand
France
Finland
U.K
Korea’s Global Human Assets and Their Self-Development As of 2011, the number of Korean students overseas stood at 289,288. The Korean student communities in the U.S.A., China and Japan are among the largest in those countries.
Productive People Koreans are diligent and faithful to their work. Their average annual working hours as of 2010 were 2,193, the highest among OECD countries. The labor productivity improvement rate as of 2010 was 6.4%, the highest in the OECD.
289,288 Korean students overseas
6.4%
Labor productivity improvement rate as of 2010
Labor Productivity Improvement Rate - OECD Top 5 (%, 2010) 6.4
5.8
5.4
5.3
4.3
CEO COMMENT “Korean workers are diligent and flexible. Most Koreans are well educated and reliable. They play a significant role in our successful business in Korea.“
Korea
Slovenia
Estonia
Chile
Poland
Source: OECD (http://stats.oecd.org), 2011 National Competitiveness Report Korea
Investment Environment & Opportunities
Koreans engaged in lifelong education are estimated at 27 million, more than half of the total population. Most notably, 41.7% of the workforce work and study at the same time to obtain certificates, study a foreign language, earn an MBA or other master’s degree and other varied reasons.
Andre Nothomb, President of Solvay Korea
10 11
Innovation Innovating the World
Enterprises and Society Pursuing Innovation
According to Cologne Institute for Economic Research, Korea ranks third in terms of technological innovation, after Finland and Switzerland. Such an innovation-oriented social and corporate atmosphere leads to attractive results for foreign companies in Korea. National Technology Innovation Index 66
61
Finland Switzerland
59
56
54
52
52
49
47
Korea
Canada
Germany
France
Australia
Japan
USA
Source: Cologne Institute for Economic Research (2012)
5.7% of the World’s Patent Applications Filed by Korea According to a report by WIPO (World Intellectual Property Organization), the number of Korea’s PCT (Patent Cooperation Treaty) applications in 2011 stood at 10,447, i.e., 5.7% of the cases in the world (181,900). Korea ranked fifth in terms of PCT applications after the USA, Japan, Germany and China in 2011.
High Rate of R&D Investment
Increase in Korea’s R&D personnel 8.3
R&D Ratio to GDP
3.4
3.3
6.2
2.9
2.8
2.2
1.9
1.7
6.7
4.9 159,973 2000
189,888 2002
10.7
9.7
209,979
2004
256,598
2006
300,050
2008
354,914
2010
Technological innovation
10,447 PCT applications
Investment Environment & Opportunities
Of the top seven countries that invest heavily in R&D, Korea is number one in terms of the ratio of R&D investment to GDP. Because of Korea’s favorable conditions for R&D, a number of global companies have set up their R&D centers here. Such centers include the Microsoft Mobile Innovation Lab, IBM Ubiquitous Computing Laboratory, Google Engineering R&D Center, Kimberly-Clark Innovation Center Asia, Siemens Medical Research & Development Center, Dupont Nano R&D Center and Institut Pasteur Korea, a worldfamous biotech research institute that opened in Korea in 2004 and has been very active in R&D. Ratio of R&D Investment to GDP of Top 7 Countries in 2009 (%)
3
rd
Number of researchers
Korea Japan USA Germany France U.K. Source: Science and Engineering Indicators, 2012
China
Number of researchers for every 1,000 economically active members of the population
Source: National Science & Technology Council, Korea (2011)
12 13
POWERHOUSE INDUSTRIES
Competitive Industries Korea has a number of global companies in various industries including the electricity and electronics, automobile, chemical, steelmaking, shipbuilding and IT industries. Samsung Electronics, LG Electronics, Hyundai Motor Company, Kia Motors, POSCO and SK Telecom are a few of Korea’s world-famous companies.
CEO COMMENT “Korea is a successful country in that it ranks among the 13 economic powers of the world and has worldclass brands in the semiconductor, memory, LCD, flat screen, TV, shipbuilding and steel-making industries. The country’s industries range from food to petrochemicals. For a company like ours, a gas producer, Korea is a country that offers a very attractive business environment. Our company has succeeded in many areas in Korea and I believe we will do so in the future, too.”
Investment Environment & Opportunities
Powerhouse Industries
Brett Kimber, President of Linde Korea
14 15
Automobile Industry
IT Industry
Korea’s auto industry produced a total of 4.66 million vehicles in 2011, ranking fifth in the world. About 1.5 million vehicles are sold each year in Korea, including about 100,000 imported cars. Hyundai, Kia, General Motors, Renault Samsung and Ssangyong are the major automobile manufacturers in Korea. Notably, Hyundai and Kia have established car factories in several foreign countries as well.
Production & Sales of Domestic Car Manufacturers, 2011
IT Industry Production
Market Share of Major IT Products in the World(%)
(Unit: 1,000 cars)
18,419 8,646
8,399
6,304
4,658
3,940
3,406
No. of Employees
Production Dom Overseas
57,068
1,892 2,182
Domestic sales
Turnover
SW 684
(Unit: US$ billion)
ICT Device
38.6
22.8
23.8 23.7
22.0
32,411 17,000
China
Japan
USA Germany Korea
India
Brazil
1,584
526
810
493 141
25 14.2
4,318
40
39
1.9
7,563
244
109
4.5
Thousand Cars
US$ billion
180.5
205.0
63.1
62.9
68.2
66.7
54.3 51.2
50.9
52.0
51.7
51.1
54.0
53.6
31.3
30.2
29.9
28.5
26.9
28.3
28.9
2.3
2.8
2.9
3.2
3.3
3.5
4.1
20.4
18.7 Dom Overseas
22.3
61.7
55.9
220.2
255.7 205.4
249.4
184.5
2005 2006 2007 2008 2009 Source: National IT Industry Promotion Agency
2010
2011
‘10.1Q 2Q 3Q 4Q ‘11.1Q 2Q 3Q LCD panel Mobile phone Semiconductor Dram Source: Dram iSuppli, mobile phone, smartphone SA, PDP & LCD, LCD panel display search 2011.10~11.
Investment Environment & Opportunities
Top 7 Automobile Manufacturers in the World, 2011
Korea’s IT industry reached a production volume of $271.7 billion in 2011. The previous year, exports of semiconductors and display panels had increased by 60%, growing 36% from the same period a year earlier. And the trend continued in 2011. Concurrently, increased demand for smartphones, smart TVs and tablet PCs led to a 9.4% growth rate in the related parts and materials industry. Also, the IT industry’s exports increased by 2.0% from the previous year, reaching $156.6 billion in 2011 and an all-time high for two straight years.
16 17
Display Industry
Semiconductor Industry
Korea’s display industry rolled out $365 billion worth of goods in 2011, recording a market share of 47.1% in the global market. In the year 2000, Korea’s LCD production stood at 11 million units, while that of Japan amounted to 15 million units. Just ten years later, in 2010, Japan produced 40 million displays while Korea rolled out 330 million, or eight times more than Japan. In 2011, Korea’s market share of large LCD panels in the global market exceeded 51% and OLED TVs, 87%, achieving the number one position in the world for the second consecutive year.
40.2
46.5
Market Share of Major Countries in Global Display Panel Market(%) 45.6
47.1
2007
36.46
2008
36.43
2009
39.44
2010
Unit: US$ billion
Large LCD panel market
38.4
41.33
Current Status and Outlook of Global Semiconductor Market
50.7
49.4
52.0
35.1
35.4
32.6
52.9
31.8
51.1
53.1
53.2
55.0
35.2
34.9
33.4
31.3
Major Global DRAM Suppliers’ Market Shares Based on turnover (Unit: %) 30.2
36.55
328
12.2
13.1
13.0
11.3
8.6
10.0
9.7
‘10.1Q
2Q
3Q
4Q
‘11.1Q
2Q
3Q
4Q
310.2
Source: Korea Display Industry Association & National IT Industry Promotion Agency
Korea
Taiwan
Japan
China
11.3
302.3
12.6 Micron (USA)
298.3 2010
Source: DisplaySearch (2012.2)
ELPIDA Memory, Inc (Japan) 16.2
19.4 15.3
2011
Display Output (Unit: US$ billion) Display Market Share (%)
21.5
SK Hynix (Korea) 11.8
2011
2012
2013
Source: WSTS (World Semiconductor Trade Statistics)
37.5 Samsung Electronics (Korea)
NANYA Plastic Corporation (Taiwan) 4.3
4.3
2008
Investment Environment & Opportunities
Status of Display Industry
The global market for semiconductors in 2012 was estimated to be worth $310 billion. Korean companies maintain particularly high competitiveness in the area of DRAM, with its current market share standing at 65.7%. In addition to semiconductor memories, the competitiveness of Korean companies is also improving in the field of system semiconductors and discrete devices. Samsung Electronics and SK Hynix are exerting considerable market power in the global arena thanks to their high competitiveness in semiconductor memories.
2009
2010
18 19
The Chemical Industry
New & Renewable Energy Industry
Korea’s chemical industry produced 3.4% of the world’s output, or $138.7 billion, in 2010, and is the world’s sixth largest producer. The Korean industry’s major trading partners are such Asian countries as China and Japan. Asia accounts for 45% of the global production. As Korea’s FTAs with the EU and USA have taken effect, chemicals produced in Korea can be shipped to these areas tariff-free. Recently, global chemical companies have expanded their presence in Korea particularly in the area of high-end chemicals as well as R&D. Of the world’s top 25 chemical producers, 21 companies including LG Chemical and SK Energy are producing in Korea.
In 2004, Korea’s new and renewable energy (NRE) industry produced $120 million worth of goods. Just six years later, in 2010, the figure jumped to $6.99 billion, exhibiting a 58-fold increase in growth. The number of companies engaged in the industry is also on the rise. The Korean government is aiming to occupy a global market share of over 15% in this industry.
Global Chemical Industry Output
Korea’s Major Trading Partners
(Unit: US$ billion)
Korea’s Exports to Four Major Countries
Korea’s Solar Industry Output
(Unit: US$ million)
Korea’s Wind Industry Output
(Unit: US$ million)
6,990
(Unit: US$ million)
5,111
1,231
Korea’s Imports From Four Major Countries 928
903.4 (21.9%) 720.0 (17.5%)
Japan 5,039,946
China 1,840,178
China
United Japan Germany Brazil States
1,340
USA 2,330,377 138.7 (3.4%)
137.3 (3.3%)
Korea France
125.3 105.1 (3.0%) (2.5%)
India
Source: American Chemistry Council Report 2011
Italy
EU 410,076
93.5 (2.3%) United Kingdom
China 1,330,526
666 484
1,452
Japan 906,479 228.8 (5.5%) 149.6 (3.6%)
2,444
3,720 3,060
EU 3,722,137 338.2 (8.2%)
1,010
120
270
2004
2005
760
174
475
Investment Environment & Opportunities
Turnover of Korea’s New & Renewable Energy Industry
USA 373,202 ‘00
‘05
‘06
‘07
‘08
‘09
‘10
Source: Korea Customs Service
‘00
‘05
‘06
‘07
‘08
‘09
‘10
2006
2007
2008
2009
2010
2006
2007
2008
2009
2010
2006
2007
2008
2009
2010
Source: Ministry of Knowledge Economy
20 21
An Easy Place to Do Business Ease of Doing Business by World Bank
8th
(2012)
16th (2011)
19th (2010)
22nd (2008)
rd
23
(2009)
Korea is the 8th easiest place in the world to do business, according to the World Bank’s Doing Business 2012 study, and 3rd in East Asia.
Incheon International Airport
Korea’s Transportation Network
As a peninsula country, Korea has a number of modern sea ports including Busan, Incheon, Gwangyang, Pyeongtaek/Dangjin, Daesan, Gunsan, Mokpo, Jeju, Masan and Ulsan. The port of Busan, the largest in Korea, lies on a major global shipping route linking Korea to North America, Asia, the Middle East, Europe and Latin America. As of 2011, Busan was the fifth largest container port in the world, with a handling volume of about 16.17 million TEUs (Twenty-foot Equivalent Unit) per year.
Korea is a well-connected country in terms of railways and road networks. The Korea Train Express, or KTX, is the world’s fifth bullet train system and can reach the farthest point in the country within three hours. KTX has increased Korea’s passenger transportation capacity by 340% and its cargo transportation capacity by 770%. Besides KTX, Korea has 29 highways and wellmaintained national and regional roads running across the country.
Investment Environment & Opportunities
The international competitiveness of Korea’s logistics infrastructure is showing continuous improvement. According to an evaluation of global airports’ services conducted by the Airports Council International, Incheon International Airport has been ranked the best airport in the world for seven consecutive years. Its fast and meticulous cargo-handling system and simplified customs clearance process help make it the best airport in the world.
22 23
Electricity, Water Supply, Gas & Telecommunications
Government Broadband Index (gBBi) Korea ranked 1st globally in the Government Broadband Index in 2011. The index shows a country’s competitiveness in the nextgeneration, high-speed broadband telecommunications network. Korea received 4.4 points, out of a maximum possible score of 5, followed by Japan (4.3 / 2nd place) and Singapore (4.2 / 3rd place). * Korea’s high score means that its telecommunication network is wider and faster, its regulatory obstacles minimal and its fiscal burden in accomplishing its goals lower.
Comparison of Electricity Prices in Major Asian Economies (Unit: US$/kwh)
0.06
0.12
0.2
0.11
0.24
Korea
Hong Kong
Singapore
China
Japan
4.4
4.3
4.2
4.1
4.1
4.0
3.9
Korea
Japan
Singapore
Sweden
Finland
Estonia
France
Investment Environment & Opportunities
Korea’s electricity supply is well known for being highly affordable and stable, and citizen satisfaction with “city gas” is very high. The supply of industrial water and potable water is highly stable as well. Plus Korea’s high connectivity ensures that you can get connected within 24 hours wherever you are and whatever kind of service you need, whether it’s wired, mobile or high-speed Internet services.
Source: Economist Intelligence Unit
24 25
MAKE YOURSELF AT HOME IN KOREA Investment Environment & Opportunities
Make Yourself at Home in Korea
26 27
Make Yourself at Home in Korea Safe Streets and Exciting Shopping
Culture & Leisure Life
Korea’s public security is very highly regarded among the international community. It is safe to walk around at night, and there are plenty of places to shop, including department stores, discount stores, brand-name shops and traditional markets, some of which are open 24 hours a day.
Korea features a well-integrated cultural life drawing on the best from Korean and Western cultures. Traditional cultural performances are available in many theaters and performance facilities. Movies, local or foreign, are popular in Korea, so there is a multitude of big screens throughout the nation. World-class musicals and operas are performed in many places, particularly in Seoul. Culturally, Korea offers a more varied and rich experience than most countries. Foreign residents engage in diverse recreational and sports activities in Korea and also join clubs, which are very common in Korea and can be found easily online, including clubs for Latin dance, musical instruments, hiking, you name it. You can also relax or bike in one of Korea’s many parks or along the rivers across the country, such as the Han River in Seoul, which is a great place to sail. Almost any hobby or sport can be enjoyed in Korea.
Convenient Transportation Korean cities feature well-developed, cheap and convenient mass transportation. Subways are available in many metropolitan cities and buses run to almost all corners of Korea. In addition, because the fair calculation system between different carriers is well established, most cities offer the public significant transfer discounts between all types of mass transportation.
Easy Access to High-Quality Medical Care Because Korea offers world-class medical care at low prices, the number of people who come from the U.S., China and Southeast Asia, in particular, to receive medical care is rising steadily each year. Across the country, private clinics offer first-class medical services even in small towns. There are a great number of general hospitals in many cities across the country where foreigners don’t have to worry about the language barrier.
So far, 52 foreign and international schools have been established in Korea, including 26 for North American or British education, 18 for Chinese education and the rest for Japanese, Turkish, Mongolian and Norwegian education.
Investment Environment & Opportunities
Excellent Educational Environment
28 29
A Government on Your Side Promoting Foreign Investment
Major Incentives
Invest KOREA (IK) was established as the national investment promotion agency of Korea to support the advancement of foreign companies into the country.
Korea offers foreign investors various incentives based on the Foreign Investment Promotion Act. They can receive tax breaks for a maximum of seven years for corporate tax and income tax, for example, and local taxes (such as acquisition tax, registration tax and property tax) for a maximum of 15 years. Korea also offers foreign investors cash grants so they can recover part of the costs and expenses incurred in promoting their projects. The country can also provide free land, such as plant sites, or loan it to investors at low prices.
IK provides foreign investors with a free, one-stop consulting service encompassing initial investment counseling, determination of business sites, establishment of companies, investment reporting and investment benefits application. Its Foreign Investment Ombudsman, who is appointed by the president of Korea, works to resolve the grievances of foreign investors. IK also has counselors in 42 locations around the world. Korea’s central government, in conjunction with its provincial and municipal governments, works consistently to overhaul regulations and systems related to foreign investment in terms of law, taxation, labor, financing and accounting, and strives to upgrade them to the level of international standards. Also, Korea seeks always to improve its education, medical care and housing for foreign residents. Above all, it is open to the opinions of foreign chambers of commerce in Korea and foreign companies here to constantly improve the domestic foreign investment environment.
National Tax Breaks Taxes
Eligibility
Period
- Industry support service & high degree technology business Seven years - 5 years: 100% - 2 years: 50% - Businesses in stand-alone type foreign investment zones (FIZ)
• National Taxes - Corporate Tax - Income Tax
- Businesses in complex-type foreign investment zones (FIZ) - Businesses in free economic zones (FEZ) - Businesses in free trade zones (FTZ) - Businesses in business city development zone
- Business City Development Zone - Jeju Investment Promotion Area project
* Invest Korea Plaza: When a foreign investor in Korea needs offices, secretarial services or conference halls to establish a business domestically, Invest Korea offers facilities and services at low prices for a certain period of time.
* Please contact us for more details about tax breaks.
Investment Environment & Opportunities
- Free Economic Zone project
Five years - 3 years: 100% - 2 years: 50%
30 31
Invest KOREA’s Global Network
EUROPE
Korea Business Centers Supporting Foreign Investors Worldwide
Frankfurt, Germany
Moscow, Russia
Zurich, Switzerland
Vienna, Austria
Tel: (49-69) 2429-920
Tel: (7-495) 258-1627
Tel: (41-44) 202-1232
Tel: (43-1)586-3876
Fax: (49-69) 2535-89
Fax: (7-495) 258-1634
Fax: (41-44) 202-4318
Fax: (43-1) 586-3979
Hamburg, Germany
London, U.K.
Stockholm, Sweden
Madrid, Spain
Tel: (49-40)3405-740
Tel: (44-20) 7520-5300
Tel: (46-8) 30-8090
Tel: (34-91) 556-6241
Fax: (49-40) 3405-7474
Fax: (44-20) 7240-2367
Fax: (46-8) 30-6190
Fax: (34-91) 556-6868
Munich, Germany
Brussels, Belgium
Copenhagen, Denmark
Tel: (49-89) 2424-2630
Tel: (32-2) 203-2142
Tel: (45) 3312-6658
Fax: (49-89) 2424-2639
Fax: (32-2) 203-0751
Fax: (45) 3332-6654
Paris, France
Milan, Italy
Amsterdam, Netherlands
Tel: (33-1) 5535-8888
Tel: (39-02) 79-5813
Tel: (31-20) 673-0555
Fax: (33-1) 5535-8889
Fax: (39-02) 79-8235
Fax: (31-20) 673-6918
Singapore
Nagoya, Japan
Qingdao, China
Kuala Lumpur, Malaysia
Tel: (65) 6426-7200
Tel: (81-52) 561-3936
Tel: (86-532) 8388-7931
Tel: (60-3) 2117-7100
Fax: (65) 6223-5850
Fax: (81-52) 561-3945
Fax: (86-532) 8388-7935
Fax: (60-3) 2142-2107
Sydney, Australia
Fukuoka, Japan
Hangzhou, China
Jakarta, Indonesia
Tel: (61-2) 9264-5199
Tel: (81-92) 473-2005
Tel: (86-571) 8110-3099
Tel: (62-21) 574-1522
Fax: (61-2) 9264-5299
Fax: (81-92) 473-2007
Fax: (86-571) 8110-3098
Fax: (62-21) 572-2187
Melbourne, Australia
Beijing, China
Nanjing, China
Mumbai, India
Tel: (61-3) 9867-1988
Tel: (86-10) 6410-6162
Tel: (86-25) 8328-8991
Tel: (91-22) 6631-8000
Fax: (61-3) 9867-2688
Fax : (86-10) 6505-2310, 6410-6090
Fax: (86-25) 8328-8995
Fax: (91-22) 6631-8780
Tokyo, Japan
Shanghai, China
Hong Kong, China
Tel: (81-3) 3214-6951
Tel: (86-21) 5108-8771
Tel: (852) 2545-9500
Fax: (81-3) 3214-6950
Fax: (86-21) 6219-6015
Fax: (852) 2815-0487
Osaka, Japan
Guangzhou, China
Taipei, Taiwan
Tel: (81-6) 6262-3831
Tel: (86-20) 2208-1600
Tel: (886-2) 2725-2324
Fax: (81-6) 6262-4607
Fax: (86-20) 2208-1636
Fax: (886-2) 2757-7240
ASIA & OCEANIA
Head Office
NORTH AMERICA
13, Heolleungno, Seocho-gu, Seoul, Republic of Korea
New York, USA
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Investment Environment & Opportunities
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