President Moon Jae-in on Thursday encouraged foreign companies to expand investment in South Korea, saying the local economy is showing a strong and swift recovery amid the pandemic.

Meeting with senior executives of foreign investment firms in the presidential office, Moon said South Korea was able to mitigate the brunt of the global economic impact of COVID-19 and is asserting its status as a secure investment destination.

The president added that Korea boasts a solid manufacturing sector based on advanced technology and production capabilities, and has free trade deals with countries whose economic activity accounts for 85 percent of global GDP.

He said South Korea is a stable, sustainable and attractive market for investment that also offers many incentives for international investors, emphasizing the nation's tax exemptions and reduced rent.

Moon cited some 22 regulatory improvements made last year, and promised that the government will strengthen communication with foreign investors.

He also noted that the country kept its economy open to ensure the movement of logistics and people, successfully avoiding a pandemic-induced lockdown.

The presidential office said the meeting, held with some 50 representatives, is aimed at further attracting foreign investment, which posted nearly 30 billion dollars last year.