FDI of RoK hits record in 2016
The foreign direct investment (FDI) of the Republic of Korea (RoK) hit 35.2 billion USD in 2016, the highest figure ever and also a jump from 23.1 billion USD recorded in 2007, according to a report released on April 24 by the Industrial Bank of Korea (IBK).
Illustrative image (Source: Internet)The report also said FDI of Asia’ fourth largest economy to Vietnam doubled to 2.27 billion USD in 2016 from 1.15 billion USD in 2013.
Meanwhile, FDI of the RoK poured into the US amounted to 12.9 billion USD last year, growing by 123.6 percent from four years earlier, while that invested in China declined 36.5 percent to 3.3 billion USD over the same period.
The increase in FDI of the RoK to the world’s largest market came as more local companies opted to expand their presence in the US through mergers and acquisitions (M&As) and set up their branches there to adopt advanced technologies and skills.
Last November, the RoK’s Samsung Electronics Co. took over the US’ Harman International Industries Inc as part of efforts to boost competitiveness.
Earlier this year, Huyndai Motor Co., the top automaker in the country unveiled a five – year plan worth of 3.1 billion USD, while major home appliance maker LG Electronics Inc. will set up a large washing machine producing line in the US.
In contrast, the decline of FDI to China is largely due to the completion of Samsung Electronics’ 7 billion USD chip factory in Xian, while the overall investment to China has experienced a downtrend resulted from a slowing Chinese economy.
According to the IBK, FDI to China is not likely to see a turnaround soon due to diplomatic tension between the two countries over RoK’s deployment of an anti–missile system. –VNA
You should also see
PM attends ceremony to start work on Him Lam resistance centre renovation project
Prime Minister Pham Minh Chinh on April 17 attended a ceremony to start work on a project to renovate Him Lam resistance centre, a part of the Dien Bien Phu complex of fortifications in the northern mountainous province of Dien Bien.
See more
World
Indonesia enhances vigilance against money laundering
Indonesian President Joko Widodo on April 17 called on the Financial Transaction Reports and Analysis Center (PPATK) and related ministries to remain alert to new methods of money laundering, including those involving the cryptocurrency market.
World
Cambodia sees record number of tourists during traditional New Year holiday
Cambodia recorded almost 22 million domestic and international visitors travelling to different tourist destinations nationwide during the four-day traditional New Year holiday, from April 13 to 16.
World
Indonesia raises alert level to highest, warns of tsunami as volcano erupts
An airport in Madano city, the capital of Indonesia’s North Sulawesi province, has been ordered closed while hundreds of people evacuated and the alert level raised to the highest on April 18 due to large-scale volcanic eruptions of Mount Ruang.
World
ASEAN culture promoted in Mexico
Typical and diversified culture of ASEAN countries is being promoted at the ongoing ASEAN Week at the headquarters of Mexico’s Chamber of Deputies in Mexico city from April 15-19.
World
Thailand, New Zealand agree to elevate ties to strategic partnership
Thailand and New Zealand on April 17 agreed to upgrade bilateral ties to a strategic partnership by 2026, on the occasion of the 70th anniversary of bilateral diplomatic ties.
