South Korea plans to provide more incentives to overseas companies to encourage them to make foreign direct investments(FDI) and focus on attracting investment into areas of advanced technology.

The Industry Ministry on Tuesday briefed overseas companies doing business in the country on its FDI policies, including shifting from offering tax breaks to cash support for companies with advanced technologies and those that create jobs.

The ministry vowed to allocate 50 billion won for businesses with advanced technologies this year, up from six billion set aside last year.

With the goal of maximizing value creation and establishing a value chain for a new industry, Seoul will push to connect FDIs to state-run projects to bolster the country's manufacturing capabilities and revitalize regional economies.

Utilizing its network of free trade agreements and technological infrastructure, Seoul hopes to host research and development centers for new industries with foreign companies.