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Overseas direct investment by Korean firms and individuals has increased drastically as more and more large corporations have made inroads into overseas markets. The Ministry of Strategy and Finance on Wednesday announced that ODI by Koreans during the first half of this year was a total of US$14.72 billion from 5,721 different cases, up 42.8 percent from $10.3 billion in the first half of last year.
The ministry said this was due to active overseas resource development projects resulting from the rise of global raw material prices, and localization strategies of Korean firms.
ODI by large corporations increased by 72.9 percent on-year, by small and medium-sized firms 17.4 percent, and by individuals 4.2 percent. Investment in the United States rose by 102.7 percent from $1.49 billion to $3.02 billion, and in the Netherlands by 185.7 percent from $140 million to $400 million. Korean investment in Cambodia went up by 127.8 percent from $360 million to $820 million, and in Vietnam by 91.2 percent from $570 million to $1.09 billion.
In the U.S., Samsung Corp. and the Korea National Oil Corporation invested heavily in a project developing an oil field in the Gulf of Mexico, and Kia Motors and Kumho Tire set up factories in Georgia. In Vietnam, Ottogi and Kumho Rent-A-Car established local affiliates, and STX Engine and STX Shipbuilding built a shipbuilding complex.
GS Engineering and Construction invested in a project to build a commercial complex in central Phnom Penh, Cambodia.
(englishnews@chosun.com )
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