S. Korea's overseas investment plunges in 2009

SEOUL, Feb. 5 (Yonhap) -- South Korea's overseas investment plunged last year from a year earlier amid the global financial turbulence and a resulting economic recession worldwide, a report showed Friday.

According to the report by the Ministry of Strategy and Finance, South Koreans
invested a total of US$30.42 billion last year, down 17.2 percent from a year
earlier.
The decline was attributed to a sharp contraction in investment toward Asian
countries amid frozen sentiment, caused by the global financial crisis, the
report said.
Investment in Asian countries plummeted 28.7 percent to $11.85 billion over the
same period, the report said. Investment in North America and Europe, however,
jumped 25.9 percent and 40.9 percent, respectively, to $8.03 billion and $6.39
billion.
Canada was the largest investment destination for South Koreans last year, with
$4.12 billion, followed by the United States with $3.92 billion and Myanmar with
$3.53 billion, the report showed.
The report forecast that the nation's overseas investment started to pick up from
the fourth quarter of last year and that it will continue the recovery this year
as well.
kokobj@yna.co.kr
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