ΆΓ  Foreign direct investment rose sharply in Sept.

 KoreaHerald 2000.10.07

    Foreign direct investment in Korea in September surged 52.6 percent from a year earlier to $1.05 billion, the Ministry of Commerce, Industry and Energy said yesterday.

    As a result, FDI in the first nine months of this year amounted to $10.4 billion, up 23.1 percent from the same period last year, the ministry said.

    The $10 billion mark in FDI was reached one month faster this year, it said, adding that last year's record was set Oct. 29. "The over-$10 billion in FDI is particularly meaningful in that SK Telecom's overseas equity sales and the auction of Daewoo Motor are floundering," said a ministry spokesman.

    FDI in September showed a similar pattern to those of the past months, he said, noting that investments from Japan and the United States are steadily rising.

    Investments from Japan amounted to $94 million last month, raising this year's total to $1.45 billion, up 88.1 percent from the same period last year. U.S. investors also poured $222 million into Korea last month, raising their yearly total to $1.9 billion, up 24.8 percent from last year's $1.5 billion.