President Yoon Suk Yeol has vowed to make South Korea the best country in the world to do business in. 

Yoon made the pledge on Wednesday during a luncheon meeting at the Korea Chamber of Commerce and Industry with heads of foreign investment companies. 

To create the best investment environment, the president said he will scrap regulations in line with global standards and expand incentives. 

He then thanked foreign investment firms for making a record investment of nearly 33 billion dollars last year, as he cited that such companies account for 21 percent of South Korea’s exports and are in charge of six percent of the nation’s employment. 

Yoon said now it is the government’s turn to step up as he unveiled plans to spare no efforts in providing various tax benefits and support to foreign companies in return for their active investment.