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Foreign investment in South Korea set to drop for 2nd straight year

Foreign investment in South Korea set to drop for 2nd straight year

Foreign investment in South Korea is set to decline for a second straight year this year, the government said Thursday.
In the first nine months of the year, foreign direct investment fell 2.3 percent to US$7.5 billion (euro5.9 billion) from the same period a year earlier, as investment of services dropped, the Ministry of Commerce, Industry and Energy said in a statement.
The downturn marks a reversal of fortunes for a market that was once a darling of foreign investors who snapped up such hot stocks as Samsung Electronics Co.
In the third quarter alone, investment plunged 14.8 percent, the ministry said.
The service sector led the decline with a 24.5 percent drop to US$4.1 billion (euro3.2 billion) in the January-September period, the ministry said.
The trend extends a decline that started last year, when South Korea drew US$11.6 billion (euro9.15 billion) in foreign direct investment, a 9.6 percent fall from 2004.


Updated : 2021-05-09 14:13 GMT+08:00