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Foreign investment in S.Korea jumps to 10-year high

AFP, Wednesday 29 Dec 2010
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Foreign direct investment in South Korea rose to a 10-year high this year, boosted by the country's fast economic recovery and confidence about growth prospects, a government report showed Wednesday.

Investment pledged by foreigners this year reached $12.9 billion , up 12.1 per cent from a year earlier, the Ministry of Knowledge Economy said.

"The gain reflects confidence about our solid economic fundamentals," it said in a statement, adding tensions with North Korea had no serious impact.

In the fourth quarter of 2010, foreign investment rose 62 per cent year-on-year to $5.61 billion, it said.

Next year South Korea aims to attract $15 billion in foreign investment, the ministry said, citing the country's fast economic recovery.

Investment from the United States rose 28.3 per cent to $1.9 billion  this year, while that from Japan gained 7.7 per cent to $2.08 billion. Investment from European countries fell 41.7 per cent to $3.09 billion.

The ministry said efforts to build up new green-growth industries fuelled overseas investments in such areas as biomedicine, solar energy and wind power generation.

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