Capital flows to S. Korea

Capital flows to S. Korea

SEOUL (AFP): Foreign Direct Investment (FDI) in South Korea
rose by 32. 5 percent from a year ago to US$2.05 billion in the
first ten months of this year, backed by the nation's drive for
economic opening, officials said yesterday.

Foreigners launched 488 new projects worth $1.25 billion in
the 10-month period, up 50.5 percent year-on-year in value, and
brought in an additional $805 million for 296 existing projects,
the Ministry of Finance and Economy (MFE) said.

"The record foreign investment was attributable to South
Korea's continued industrial liberalization, together with the
government's efforts to accommodate more advanced foreign
technology," an MFE official said.

With government favors, foreign companies with sophisticated
technology in such fields as electronics, machinery and chemical
engineering, more than doubled their direct investment to some
$298 million, the official said.