Foreign direct investment pledged to South Korea in the third quarter of 2019 moved up 4.8 percent from a year earlier, data showed Oct. 10.
The country received $3.61 billion worth of FDI commitments over the July-September period, according to the Ministry of Trade, Industry and Energy. It marked the first on-year increase after the figure lost ground for the previous four quarters.
As the volume reached $13.49 billion won over the January-September period, the ministry said it is likely that Korea will meet its target of $20 billion for the fifth consecutive year in 2019.
In the third quarter, FDI pledges on the so-called emerging industries, which cover materials, parts and artificial intelligence, reached $1.5 billion, doubling from a year earlier.
The manufacturing industry drew in $370 million worth of investment pledges, down 68.2 percent on-year. The decrease was mostly led by the chemical and steel industries.
Investment in the foodstuffs, textile and pharmaceutical segments, on the other hand, increased, according to the ministry.
Service industries attracted $3.12 billion of new investment in the information and communications segment, up 37.5 percent over the period.
By country, new FDI pledged from the United States moved down 22.5 percent to $840 million, following the reduced interest on the manufacturing segment. The FDI from China also fell 16.5 percent to $160 million, the data showed.
Japan, on the other hand, committed $590 million, soaring a whopping 520 percent on-year, the data showed.
Member states of the European Union committed $710 million of investment to Korea during the July-September period, which marks a 25.2 percent rise over the cited period.
By Ram Garikipati and newswires (firstname.lastname@example.org)