According to Yonhap News,

On June 26, the Incheon Free Economic Zone Authority (IFEZA) announced that the foreign direct investment (FDI) reported in the first half of this year reached USD 493.7 million.

This represents 82.3% of the year’s target of USD 600 million. The quarterly FDI reports totaled USD 309.61 million in the first quarter and USD 184.09 million in the second quarter.

In the first quarter, FDI reports continued in the bio and advanced materials manufacturing sectors, with USD 250 million from Sartorius Korea Operations and USD 24.5 million from TOK Advanced Materials.

In the second quarter, offshore wind power company Ørsted reported USD 119.6 million, and retail company Costco Korea (Cheongna branch) reported USD 61.4 million.

FDI refers to investments exceeding KRW 100 million, with a foreign investment ratio of 10% or more, and such investments can be carried out relatively freely in the country.

IFEZA's FDI report for last year amounted to USD 605.84 million, and the cumulative total of FDI reports stands at USD 15.99 billion.

Yoon Won-seok, Commissioner of IFEZA, stated, "We will further promote foreign investments through continuous investment attraction activities and the expansion of the designation of free economic zones."

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Source: Yonhap News (June 26, 2024)

** This article was translated from Korean.