(1) A Foreign Investment Committee shall be established under the Ministry of Trade, Industry and Energy to deliberate on the following: <Amended on Dec. 11, 2012; Mar. 23, 2013; Jan. 10, 2014; Feb. 4, 2020>
1. Important matters concerning the basic policy and schemes for foreign investment;
2. Matters concerning integration and coordination of the measures by competent Ministry to improve an environment for foreign investment;
3. Matters concerning the criteria for tax reductions or exemptions for foreign-invested companies;
4. Matters concerning cooperation among, and coordination of different opinions of, central administrative agencies, Special Metropolitan City, Metropolitan Cities, Special Self-Governing City, Dos, and Special Self-Governing Province with respect to foreign investment;
5. Matters concerning stimulus plans;
6. Matters concerning contributions to non-profit corporations defined in Article 2 (1) 4 (e);
7. Matters concerning support for local governments under Article 14;
8. Matters concerning cash grants under Article 14-2;
9. Matters concerning the payment of monetary rewards for inducing foreign investment under Article 14-3 (2);
10. Matters concerning the designation of foreign investment zones and assistance thereto under Articles 18 and 19;
11. Matters concerning approval under Article 30 (7);
12. Other important matters concerning the inducement of foreign investment.
(2) The Minister of Trade, Industry and Energy shall be the Chairperson of the Foreign Investment Committee, and the following persons shall be its members: <Amended on Apr. 5, 2010; Jun. 4, 2010; Dec. 11, 2012; Mar. 23, 2013; Nov. 19, 2014; Jul. 26, 2017; Feb. 4, 2020>
1. The Vice Minister of Economy and Finance, the Vice Minister of Education, the Vice Minister of Ministry of Science and ICT, the Vice Minister of Foreign Affairs, the Vice Minister of National Defense, the Vice Minister of the Interior and Safety, the Vice Minister of Culture, Sport and Tourism, the Vice Minister of Agriculture, Food and Rural Affairs, the Vice Minister of Environment, the Vice Minister of Employment and Labor, the Vice Minister of Land, Infrastructure and Transport, the Vice Minister of Oceans and Fisheries, the Minister of the Defense Acquisition Program Administration, and the Vice Chairperson of the Financial Services Commission;
2. The Deputy Director of the National Intelligence Service designated by the Director of the National Intelligence Service;
3. The Vice Ministers, vice chairpersons, or deputy administrators of central administrative agencies related to the agendas submitted to the Foreign Investment Committee, the Vice Mayor of Seoul Special Metropolitan City, Mayors/Do Governors (excluding the Seoul Special Metropolitan City Mayor) or the president of the Korea Trade-Investment Promotion Agency.
(3) A Foreign Investment Working Committee (hereinafter referred to as "Working Committee") shall be established to review and coordinate matters to be deliberated upon by the Foreign Investment Committee, and to deliberate on matters entrusted by the Foreign Investment Committee, as prescribed by Presidential Decree.
(4) The Minister of Trade, Industry and Energy shall report to the Foreign Investment Committee on the current status of improving an environment for foreign investment referred to in paragraph (1) 2. <Amended on Mar. 23, 2013>
(5) Except as provided for in paragraphs (1) through (3), matters necessary for the composition and operation of the Foreign Investment Commission and the Working Committee shall be prescribed by Presidential Decree.[This Article Wholly Amended on Jan. 30, 2009]