S. Korea’s FDI hits $25.18b in 9m of ’24

South Korea’s foreign direct investment (FDI) reached a new record high during the first nine months of 2024, driven primarily by a surge in investment in the manufacturing industry.

The Ministry of Trade, Industry and Energy said FDI totalled $25.18 billion in the January-September period, representing a 5.2 per cent rise compared to the same period last year. This marks the highest level of FDI since records began in 1962.

The manufacturing industry witnessed a significant boost in FDI, with investment rising by 36.4 per cent to $12.31 billion. The electric and electronic sector experienced a notable increase of 35.9 per cent, reaching $4.51 billion.

However, the service industry saw a decline in FDI, with investment falling by 13.3 per cent to $11.95 billion. The finance and insurance sector experienced a slight decrease of 1.1 per cent to $7.32 billion.

Investment from the United States and the European Union decreased to $3.12 billion dollars and $3.95 billion, respectively. In contrast, FDI from Japan surged by more than five times to $4.69 billion.

Greenfield investment, which involves factory construction and job creation grew by 12.9 per cent to $18.93 billion. Meanwhile, merger and acquisition investment declined by 12.7 per cent to $6.26 billion dollars.

Attribution: Xinhua

Subediting: M. S. Salama