South Korea's foreign investment up by 89.6% in H1

South Korea’s foreign investment up by 89.6% in H1

Foreign investment in South Korea reached $5.04 billion in the first half of 2004, indicating a rise of 89.6% compared to the same period of last year. The increase is attributed to the global economic recovery. Ministry of Commerce, Industry and Energy said that foreign direct investment rose by 28.7% in the second quarter from a year earlier to $1.99 billion. Foreign direct investment is expected to continue its upward trend in the second half due to the global economic recovery, stronger corporate earnings, brisk mergers and acquisition activities. The manufacturing sector soared to $1.19 billion in the second quarter from $923 million recorded in the same period of last year. Moreover, foreign investment in the services industry surged to $765 million in the mentioned period from $409 million a year earlier. Investment by US companies climbed to $316 million in the second quarter from $226 million registered in the previous year.