It looks like Korea is becoming a more attractive investment destination as foreign direct investment hit a record-high level in the first nine months of this year.
According to data released by the Ministry of Knowledge Economy on Thursday, FDI nearly doubled between January and September from the same year-earlier period to US$11.2 billion. The jump was mainly attributed to the growing number of free trade agreements Korea has signed.
The ministry says the FTAs, which make it easier for companies to enter foreign markets, have boosted investment in the country’s service and manufacturing sectors by around 80 percent and 30 percent, respectively.
Japan, with its growing interest in Korean parts and materials, was the largest investor during the first three quarters. It poured over $3 billion into the country, up 130 percent from a year earlier. Investment by China jumped 74 percent to $400 million, mostly centered on regional development projects.