FDI pledges to S. Korea hit all-time high

November 27, 2018

SEOUL, Nov. 28 (Yonhap) — New foreign direct investment (FDI) pledged to South Korea has surpassed the previous record high, led by rising interest in the nation’s high-tech industries and startups in emerging sectors, government data showed Wednesday.

South Korea received US$23.04 billion worth of FDI commitments as of Tuesday, already breaking last year’s $22.94 billion total, according to the Ministry of Trade, Industry and Energy.

The actual investment made by foreign companies so far reached $13.79 billion, also exceeding the annual amount in 2017.

Investment pledges from the European Union jumped 24.4 percent on-year to $7.1 billion as of Tuesday, mostly in the form of stake investments and merger and acquisitions (M&A).

American companies sought partnerships and acquisitions in high-tech industries and tech start-ups, pledging $5.1 billion over the period, a 37-percent surge.

New FDI commitment from China rose a whopping 252 percent to $2.56 billion, led by brisk investment in the service industry.

By sector, the manufacturing industry drew in $9.27 billion of investment pledges, and the service sector attracted $12.6 billion so far this year.

The ministry said the eased geopolitical risk on the Korean Peninsula, as well as robust demand for memory chips and petrochemical products, created a favorable business environment for foreign investors.

The Ministry of Trade, Industry and Energy opens Invest Korea Week 2018 at the Grand InterContinental Seoul on Nov. 6, 2018, in this phot provided by the ministry. (Yonhap)

The Ministry of Trade, Industry and Energy opens Invest Korea Week 2018 at the Grand InterContinental Seoul on Nov. 6, 2018, in this phot provided by the ministry. (Yonhap)

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