April 27, 2024

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[THE INVESTOR] Korea’s overseas direct investment reached a record high last year on the back of funds going into financial sectors, government data showed on March 13.

Investments made by Korean residents and companies totaled a record US$43.7 billion last year, up 11.8 percent from the previous year’s US$39.1 billion, according to the data compiled by the Ministry of Strategy and Finance.

Investments made in the United States rose 12.8 percent on-year to US$15.3 billion, with the numbers for Hong Kong rising 90.2 percent to US$2.97 billion over the cited period.

But direct investment into China and Vietnam sank 11.9 percent and 17.5 percent, respectively, to US$2.97 billion and US$1.95 billion, the data showed.

By sector, offshore investments in property dropped 43.3 percent on-year to reach US$3.76 billion, with those allocated to foreign manufacturers tumbling 3.4 percent to US$7.84 billion.

On the other hand, Korean investment into the foreign insurance and financial sector gained 47.5 percent to US$12.7 billion, the latest findings showed.

By Song Seung-hyun and newswires (ssh@heraldcorp.com)