ID :
82584
Fri, 10/02/2009 - 01:05
Auther :
Shortlink :
https://www.oananews.org//node/82584
The shortlink copeid
Foreign direct investment in S. Korea up sharply in Q3
By Lee Joon-seung
SEOUL, Oct. 1 (Yonhap) -- Foreign direct investment (FDI) into South Korea surged
17.4 percent on-year in the third quarter due to state-led economic stimulus
measures and favorable exchange rates, a government report said Thursday.
South Korea attracted US$3.37 billion in future FDI in the July-September period,
compared to $2.87 billion a year earlier, according to the preliminary report by
the Ministry of Knowledge Economy.
While investment plunged in the first quarter as businesses reeled from the
global financial crisis, the passage of a 28.4 trillion won (US$24.1 billion)
supplementary budget in late April helped attract overseas interest, the ministry
said.
The money is being spent to build up the country's eco-friendly "green growth"
industries and to create jobs that can spur consumption and production.
The depreciation of the Korean won vis-a-vis the U.S. dollar also fueled inbound
investments, the report said.
The Korean currency stood at an average 1,062.6 won to the greenback in the third
quarter of 2008, but has since fallen an average of 1,240.9 won to the dollar in
the last three months.
"The increase in investment marks the second quarter in a row that numbers have
moved up compared to the year before, with the total pledged by foreign investors
from January through September reaching $8.01 billion," said Park Soon-kee, head
of the ministry's investment policy division.
Park pointed out that the gain is noteworthy since FDI to countries like the
United States, France, Japan, Taiwan and China all tumbled into negative
territory this year.
FDI to the United States shrank 68.8 percent on year in the first half, while
overseas investment in Japan and China dropped 56.5 percent and 17.5 percent,
respectively.
The ministry, in charge of the country's industrial and investment related
policies, said FDI in the third quarter was centered mainly in the distribution
sector and business services, which range from software development to
consulting. Money also poured into electronics, power and real estate.
Noticeable investment deals reached in the third quarter were a $700 million
agreement by eBay to takeover Gmarket Inc., South Korea's largest on-line
marketplace, and a $250 million arrangement pledged by Bosch of Germany to
jointly enter into auto parts manufacturing with Samsung SDI.
yonngong@yna.co.kr
(END)
SEOUL, Oct. 1 (Yonhap) -- Foreign direct investment (FDI) into South Korea surged
17.4 percent on-year in the third quarter due to state-led economic stimulus
measures and favorable exchange rates, a government report said Thursday.
South Korea attracted US$3.37 billion in future FDI in the July-September period,
compared to $2.87 billion a year earlier, according to the preliminary report by
the Ministry of Knowledge Economy.
While investment plunged in the first quarter as businesses reeled from the
global financial crisis, the passage of a 28.4 trillion won (US$24.1 billion)
supplementary budget in late April helped attract overseas interest, the ministry
said.
The money is being spent to build up the country's eco-friendly "green growth"
industries and to create jobs that can spur consumption and production.
The depreciation of the Korean won vis-a-vis the U.S. dollar also fueled inbound
investments, the report said.
The Korean currency stood at an average 1,062.6 won to the greenback in the third
quarter of 2008, but has since fallen an average of 1,240.9 won to the dollar in
the last three months.
"The increase in investment marks the second quarter in a row that numbers have
moved up compared to the year before, with the total pledged by foreign investors
from January through September reaching $8.01 billion," said Park Soon-kee, head
of the ministry's investment policy division.
Park pointed out that the gain is noteworthy since FDI to countries like the
United States, France, Japan, Taiwan and China all tumbled into negative
territory this year.
FDI to the United States shrank 68.8 percent on year in the first half, while
overseas investment in Japan and China dropped 56.5 percent and 17.5 percent,
respectively.
The ministry, in charge of the country's industrial and investment related
policies, said FDI in the third quarter was centered mainly in the distribution
sector and business services, which range from software development to
consulting. Money also poured into electronics, power and real estate.
Noticeable investment deals reached in the third quarter were a $700 million
agreement by eBay to takeover Gmarket Inc., South Korea's largest on-line
marketplace, and a $250 million arrangement pledged by Bosch of Germany to
jointly enter into auto parts manufacturing with Samsung SDI.
yonngong@yna.co.kr
(END)
