SEOUL, Oct. 4 — Foreign direct investment (FDI) in South Korea hit a record high for the first nine months of this year due to solid investment in the manufacturing industry, government data showed on Wednesday, Xinhua reported.
The reported FDI advanced 11.3 per cent over the year to US$23.95 billion in the January-September period, according to the Ministry of Trade, Industry and Energy.
During the nine-month period, the FDI continued to grow from US$12.89 billion in 2020 to US$18.21 billion in 2021 and US$21.52 billion in 2022.
The FDI in the manufacturing industry gained 15.7 per cent to US$9.02 billion on strong investment in the electric and electronics sector.
Foreign investment in the domestic services industry climbed 9.0 per cent to US$13.80 billion in the nine-month period owing to surging investment in the finance and insurance and the eatery and lodging sectors.
Direct investment from the United States and Japan declined in double digits to US$5.19 billion and US$930 million each, but investment from the European Union soared in double figures to US$4.0 billion.
Greenfield investment, which involves factory construction and employment, increased 20.4 per cent to US$16.79 billion, but the merger and acquisition investment retreated 5.5 per cent to US$7.16 billion.
— Bernama-Xinhua
