New foreign direct investment pledged to South Korea has surpassed $20 billion this year, thanks to rising interest in the nation’s materials, parts and equipment industries, government data showed Dec. 9.
Korea received $20.3 billion worth of FDI commitments as of Dec. 2, according to the data released by the Ministry of Trade, Industry and Energy.
This year marked the fifth consecutive year South Korea received more than $20 billion of annual FDI pledges.
FDI pledged to Korea fell 37 percent on-year in the first half of this year, as the prolonged trade row between Washington and Beijing weighed on investor sentiment.
However, FDI to Korea rebounded in the second half, helped by big investments by foreign technology firms, according to the data.
Last month, US semiconductor equipment maker Lam Research said it will invest $140 million to build a technology center in Yongin, about 50 kilometers southeast of Seoul.
Korea has planned to expand incentives for FDI, as part of measures to cope with growing uncertainties stemming from the escalating trade dispute between the United States and China.
To beef up the amount of FDI arriving here amid the trade disputes, the ministry has said it will expand cash incentives for companies making investment in the parts, materials and equipment sectors.
Korea will also simplify the process for foreign companies to win construction permits for factories as well, according to the ministry.
By Ram Garikipati and newswires (firstname.lastname@example.org)