SEOUL, KOREA - The inbound foreign direct investment balance during the first half of this year has broken the US$10-billion milestone for the first time in history. This is largely because Chinese companies increased their investment in Korea's game development and tourism industries.
The Ministry of Trade, Industry, and Energy said on June 27 that the foreign direct investment balance for the first six months of the year has been $10.07 billion (as of June 24), up 39.7 percent from the same period a year ago. The main reason for the FDI increase was the investment from the Greater China Region (including Mainland China, Hong Kong, Macau, and Taiwan) has risen at a fast pace. During the five-month period, the balance of investment coming in from the region was $2.38 billion, a 615.3-percent rise from the same period last year.
Joo So-ryung, the ministry's manager in charge of foreign investment promotion, said, "Investment by Chinese firms, begun with real estate investments in Jeju Island, has spread to other areas including game, content industries." Of the $2.38-billion Chinese investment, real estate investments in Jeju account for only 28 percent ($660 million) while other investment cases such as those in game developers and food companies took up the bulk of the share.
Foreign direct investment from European firms rose 40.3 percent from the first half of 2013 to $3.2 billion. The investments from the United States and Japan were $2.46 billion and $1.11 billion, respectively, declining 2.3 percent and 11.9 percent from a year ago.
Source : The Korea Economic Daily
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