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South Korean Foreign investment surge in Q1
Tuesday, April 5, 2011
Foreign direct investment (FDI) in South Korea rose 30.1 percent this year to U.S. $ 20.1miliar in the first quarter thanks to the influx of funds from developed countries, the government said Tuesday.
The increase mirrors the hope that South Korea would withdraw from a steady growth this year and improvement in the overall business environment of the country sharply, the Ministry of Knowledge Economy said.
The International Monetary Fund predicts South Korea's economy will grow 4.5 percent this year, with the World Bank put the country in 16 years where the latest "Doing Business" ranked last, rising from 19th place in 2009.
In contrast to the contraction last year, FDI from the United States skyrocketed 1068 percent in the first quarter, with investment from Japan and China jumped 40.1 percent to $ 370,000,000 and $ 103.1 per cent, 65 million.
"Investment from Japan, which has been hit by a devastating earthquake on March 11, not seriously affected because 35 percent of the total investment made after a natural disaster," said Byun Jong-rip, bureau chief at the ministry of foreign investment policy.
According to the ministry, FDI in the manufacturing sector surged 20.3 percent on the year while the services sector spiked 45.7 percent.
While economic uncertainty in North Africa and Middle East countries, and destruction in Japan may be a negative impact on FDI, South Korea should be able to attract more investment in roads, the ministry said.
The government said in January that aims to attract $ 15miliar FDI this year, up from about $ 13miliar last year.
South Korean Foreign investment surge in Q1
Tuesday, April 5, 2011
Foreign direct investment (FDI) in South Korea rose 30.1 percent this year to U.S. $ 20.1miliar in the first quarter thanks to the influx of funds from developed countries, the government said Tuesday.
The increase mirrors the hope that South Korea would withdraw from a steady growth this year and improvement in the overall business environment of the country sharply, the Ministry of Knowledge Economy said.
The International Monetary Fund predicts South Korea's economy will grow 4.5 percent this year, with the World Bank put the country in 16 years where the latest "Doing Business" ranked last, rising from 19th place in 2009.
In contrast to the contraction last year, FDI from the United States skyrocketed 1068 percent in the first quarter, with investment from Japan and China jumped 40.1 percent to $ 370,000,000 and $ 103.1 per cent, 65 million.
"Investment from Japan, which has been hit by a devastating earthquake on March 11, not seriously affected because 35 percent of the total investment made after a natural disaster," said Byun Jong-rip, bureau chief at the ministry of foreign investment policy.
According to the ministry, FDI in the manufacturing sector surged 20.3 percent on the year while the services sector spiked 45.7 percent.
While economic uncertainty in North Africa and Middle East countries, and destruction in Japan may be a negative impact on FDI, South Korea should be able to attract more investment in roads, the ministry said.
The government said in January that aims to attract $ 15miliar FDI this year, up from about $ 13miliar last year.
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