Abstract
Foreign Direct Investment (FDI) is an important resource that helps accelerate the development of the country’s economy, add substantial funding to growth and facilitate technology transfer. Republic of Korea (ROK) is one of the world’s developed countries with dynamic economy, advanced science and technology. In recent years, the Korean government has continuously formulated tax policies, policies to support the business economy and import policies to support foreign businesses in Korea. The Pangyo Valley Creative Economy Valley is being groomed as a global startup hub in Asia. Small and medium enterprises (SMEs) in foreign countries are increasingly interested and eager to seek investment opportunities in the Korean market. Nonetheless, for these companies, language barriers and cultural and institutional differences make it more difficult and time-consuming to learn about the Korean market (such as investment trends, laws, visa policies, taxes and business establishment issues in Korea, etc.). In this study, we explored the process of searching information and seeking investment opportunities and built a business consulting and support application in the first stages of starting a business in ROK to increase effectiveness and save time, which is also an innovative business practice in Use-case ROK. We designed our Virtual Assistant system that can crawl and analyze data on foreign investments in ROK from open data resource websites (data.co.kr) and used analytic and aggregation techniques to explore trends in investments of foreign enterprises. We also researched the process of searching information and seeking investment opportunities for SMEs when investing in ROK, government support policies, laws and taxes as well as a number of other related issues. We built datasets and used Natural Language Processing (NLP) together with Natural Language Understanding (NLU) algorithms to build chatbot applications. Friendly framework for new developers to add and build up the dataset of AI Assistant is built by providing input intent data function, input Entity data function, input utterance data function as well as training and test function. In addition, we built a web-app connected to the server to visualize all the results of research so that SMEs owners can easily use and look for information on investments. Based on the research results, we can make recommendations to SMEs in keeping with the changing investment trends in ROK.
Highlights
The Foreign Direct Investment (FDI) in the Republic of Korea (ROK) has been increasing continu ously especially in the service sectors where IT/ICT solutions are extensively utilized bu it is notable that a number of global companies are constantly seeking some invest continuously especially in the service sectors where IT/ICT solutions are extensively ment opportunities thea areas where high returns are canalso be constantly expected by establishing thei utilized but it is notableinthat number of global companies seeking some headquarters or R&D centers in thewhere country participate the businesses involving cut investment opportunities in the areas hightoreturns can bein expected by establishing ting-edge technologies or advanced materials
There are many small and medium enterprises (SMEs) from many different countries encouraging and offering a series of startup programs by providing a substantial suppor participating in investment; due to culturalestablishing differences, they havestartup encountered certain to the promising young entrepreneurs, a global hub such as Pangyo challenges in the process of seeking opportunities and investments
We researched the process of searching for information and seeking investment opportunities for Small and medium enterprises (SMEs) when investing in ROK, government support policies, laws and taxes as well as a number of other related issues
Summary
There are many small and medium enterprises (SMEs) from many different countries encouraging and offering a series of startup programs by providing a substantial suppor participating in investment; due to culturalestablishing differences, they havestartup encountered certain to the promising young entrepreneurs, a global hub such as Pangyo challenges in the process of seeking opportunities and investments. According to the Fu ture of Business Survey [4], some of the major challenges that may be encountered by SMEs include increasing revenue, maintaining profitability, attracting customers, securfinancing for expansion,new developing new products/innovation, finding/working ing financing for expansion, developing products/innovation, finding/working with with suppliers, tax laws and rules, other government regulations, etc. As shown in the suppliers, tax laws and rules, other government regulations, etc. as shown in the Figure Figure
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