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FEZs See 2nd Highest Ever Foreign Investment in H1 2017, Up 2.5 Times on-Year
Date
2017.07.31
Views
1145

According to Yonhap News,

(SEOUL=Yonhap News) Korea's Free Economic Zones (FEZs) attracted more than 2.5 times the amount of foreign investment declared in the first half of 2017 than it had over the same period the previous year.

Foreign investment arrivals (that lead to actual investments) in FEZs, however, decreased during that time, showing the need for continued efforts to make sure the investments arrive upon declaration.

The Ministry of Trade, Industry and Energy announced July 25 that a total of USD 1.7 billion was declared as foreign direct investment in FEZs in H1 2017, up 166.9 percent on-year.

This is the greatest amount declared for the first half of any year since the first FEZs were launched on a full scale in 2003.

Compared to all other half-years, it is the second highest record, following the USD 1.78 billion declared in the second half of 2012.

By region, Incheon's IFEZ attracted USD 740 million in H1 2017, up 125.2 percent on-year, while Gwangyang Bay's GFEZ reached a new high with USD 300 million.

Even YESFEZ at the Pyeongtaek-Dangjin Port declared USD 500 million, after years of difficulty in attracting foreign investment since it's first designation in 2008.

And yet the amount of investment arrivals in H1 2017 was worth a mere USD 200 million, less than half the USD 500 million in H1 2016.

The ministry stressed that additional efforts were needed to make sure the amounts declared in fact arrive in Korea.

Meanwhile, the declared amount of foreign direct investment in the entire country reached USD 9.6 billion in H1 2017, down 9.1 percent on-year.

cool@yna.co.kr

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Source Text

Source: Yonhap News (Jul. 25, 2017)

** This article was translated from the Korean.
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