Foreign direct investment (FDI) in South Korea hit a record high last year.
This is due to surging investment in the manufacturing industry, government data showed on Tuesday.
The reported FDI grew 3.2 per cent over the year to 30.45 billion U.S. dollars in 2022, topping 30 billion dollars for the first time, according to Statistics Korea.
Read Related News:
The FDI in the manufacturing industry soared 149.4 per cent to reach a record high of 12.48 billion dollars last year, but foreign investment in the domestic services sector declined 29.6 per cent to 16.59 billion dollars.
Direct investment from the United States expanded 65.2 per cent to 8.69 billion dollars, but investment from the European Union tumbled 36.9 per cent to 8.07 billion dollars.
Greenfield investment, which involves factory construction and employment, jumped 23.4 per cent to hit a new high of 22.32 billion dollars in 2022, but the merger and acquisition investment shrank 28.8 per cent to 8.14 billion dollars. (Xinhua)
Do you have a flair for Citizenship Journalism? Share story(ies) of happenings in your area with The NewsZenith on WhatsApp: 08033668669 or email@example.com