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Foreign Direct Investment in Seoul up 57 pct in First Half
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Foreign direct investment (FDI) in Seoul rose 56.6 percent in the first half of this year from the same period last year on the back of a huge inflow from Japan and an investment boom in the manufacturing sector, data showed Thursday.

The FDI in Seoul totaled $2.98 billion in the January-June period, up from 1.93 billion won from a year earlier. The sharp increase is attributed to an active investment by the Japanese, with the total amount soaring 309.5 percent, according to the Seoul Metropolitan Government.

By region, the FDI inflows from Asia, including Japan, nearly doubled to $1.73 billion, followed by an investment from Europe with $873 million. Those in the American region, however, cut their investment by 43.7 percent to reach $273 million, it noted.

Investment in manufacturing businesses also quadrupled to $841 million, while the service industry drew $2.13 billion of foreign investment, up by 23.4 percent from the same period last year, the data showed.

"Seoul saw a huge increase in foreign capital inflows despite the global economic downturn," the city official Kwon Hyuk-so said.

"We plan to hold an investor relations session for potential investors in the European regions and Hong Kong during the second half of the year, as we did so in the first half in Japan, the United States and France."

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Source: Yonhap News (July 19, 2012)  

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