Investor Visa Italy Investor Visa Italy / 3 | Página 11

POINTS OF VIEW
interest of the Korean Deputy Minister for Small and Medium Enterprises, Choi
Sugyu, in the model of Italian “industrial districts”. This aggregative
organization could be the most interesting solution to maintain the
entrepreneurial spirit characterizing the Italian industry and, at the same time,
make our economy increasingly interesting for foreign investors.
The European Union and Korea have signed one of the first wide-ranging
trade treaties negotiated by the Union. After almost a decade, what effect
did the agreement have on the Italo-Korean economic relations? Can
Rome thus represent a gateway to the wider Common Market?
As I already mentioned, the diplomatic and economic relations between Italy
and Korea are going through a phase of open and favourable development,
above all thanks to the signing of commercial agreements to increasingly
connect the two nations and to the desire to create joint projects for the
development of international markets. Italy is the European Union’s second
largest exporter to South Korea and one of the most interesting markets for
Korean entrepreneurs. This position of strength, when combined with the
currently developing ties, is bringing Korean businesses to consider Italy as a
key player for the development of European trade.
What can Korea offer to Italy in terms of industrial partnerships? Given
that the Korean economy is strongly characterized by chaebol, we must
necessarily turn to those, or there is an entrepreneurial “middle class”
with the ability and willingness to internationalize their companies?
There is absolutely a group of Korean small-medium businesses growing in
importance in the Korean economy, and it is with them that the Chamber
interacts for the development of relations with Italy. Our work to support
internationalization, in fact, steers quite clear from large conglomerates, which
are global companies that do not need support organizations. In Korea, SMEs
account for 88% of the workforce and yield 51% of the value added produced
in the country. They make up almost 40% of the total value of exports, a figure
constantly growing over the years. This means that South Korea is less and
less the country of chaebol and more and more a complex reality, which
includes a multitude of micro/small/medium enterprises active in international
markets.
Seoul was one of the legs of the “Invest in Italy” roadshow, dedicated to
presenting the Italian business climate and investment opportunities in
our country. From the Chamber’s point of view, can similar initiatives
have a positive impact on your business and on the image of Italy as a
destination for foreign capital?
Events such as the roadshow are essential to improve Korean operators’
awareness of the Italian economic reality. A greater understanding of the
market dynamics of our country and a presentation of its main points of
interest for foreign investors certainly represent a big boost both for the activity
of the Chamber, which can exploit the opportunity of a favourable trade
environment and for our country’s attractiveness to foreign investments.
Many of the Chamber’s initiatives focus on the appeal of Italian culture,
such as food and wine. Can this nation-branding process increase Korean
awareness of the existence of small and medium-sized Italian
companies, often dedicated to the production of niche excellences, in
which to invest?
All Italian production is characterized by very distinctive values, a component
directly deriving from Italian culture. Precisely for this reason, our activities
are not based on exploiting, with the aim of bewitching the Koreans, Italian
cultural elements by “advertising”: on the contrary, they are a fundamental
part of our products’ typical narrative. The narrative and the experience of
“being Italian” must be fundamental for all those who want to work in the
development of the Italian market abroad and “national branding” can be an
excellent common tool to give uniqueness and coherence to this collective
communication. Thanks to the discovery of the whole world of values and
traditions behind a product, it is possible to convey the motivation of a certain
positioning, even of price, and the importance of protecting and developing
small excellences with immense intrinsic value.
Beyond the obvious economic implications, is it realistic to think that we
can rely on Korean entrepreneurs to introduce capital into the cultural
industry of our country, perhaps thanks to philanthropic donations?
South Korea has the largest number of private museums in the world. Over 45
were present in 2015, and most of them are supported by the funding from the
top management of groups such as Samsung, LG or Hyundai. This record
derives from the high interest of the Korean establishment in the arts and from
the fact that it has evolved in a desire to share this passion with the public.
Given these premises, it is very realistic to think that it is precisely among the
ranks of these enthusiasts that it is necessary to look for possible investments
in the national cultural industry, an operation that many internationally
renowned art dealers are already carrying out on a smaller scale by opening
outposts in Korea.
A special visa is reserved exactly for non-EU citizens who make
donations towards the preservation of cultural heritage, as well as for
those of them who invest in Italian companies. The Korean entrepreneur
who wishes to apply for it must invest at least 500,000 euros (in a start-
up) or one million euros (in a company), or donate at least one million
euros. Can this measure, in your opinion, represent an incentive for
Koreans to invest in the country?
Surely the use of Italy’s characteristic appeal to attract foreign investments
(remember that FDIs in our country, as a percentage of GDP, are half of what
they are in France, Germany, United Kingdom or Spain) could be a winning
choice. In particular, this may be true for Korea, where Italian charm also affects
the highest social classes. Moreover, we must not forget what I said before on
Koreans’ passion for art and how much our country can offer to them. All this
certainly represents a very important opportunity, which however needs a
greater work of mutual knowledge between these two populaces.
The subsidized tax regime (100,000 euros per year) for those who
transfer their tax residence in Italy is also a policy designed to gain the
attention of the global business community. Given how Korean
companies are structured and the current tax regime can a measure like
the Italian one attract Korean businessmen?
Taxation on income in Korea is certainly advantageous, so the facilitation
proposed by Italy can appeal only to a very small part of heavy earners. That
said, the Korean social structure, with at its summit great entrepreneurs, and
the legislative apparatus emerging from it could hardly allow, in my opinion,
an operation of this kind. It should be noted that the Korean legislation, despite
its efforts to open up to foreigners, still tends to be rather reluctant to liberalize
such behaviours, while keeping, instead, a close watch on the income
perceived inside and outside the national borders, a fact also highlighted in
the last tax reform.
#
Read the News and Press Releases on our website: InvestorVisa.it
You can find up-to-date information about how to invest or donate in Italy and related topics
9