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S. Korea's overseas direct investment sinks in Q3

All Headlines 10:04 June 12, 2018

SEJONG, June 12 (Yonhap) -- S. Korea's overseas direct investment plunged in the first quarter from a year earlier due to a base effect, government data showed Tuesday.

Investments made by South Korean companies in other countries totaled US$9.61 billion in the January-March period, compared with $13.4 billion a year ago, according to the data compiled by the Ministry of Strategy and Finance. This is also a 5.2 percent on-quarter slump.

During the first quarter of last year, massive overseas takeovers by South Korean firms led a sharp increase in direct investment.

Samsung Electronics Co., the world's largest smartphone manufacturer, purchased U.S. audio and automotive electronics firm Harman International Industries Inc. for $8 billion, as part of its strategy to diversify its business portfolio.

Also, Netmarble Games Corp., South Korea's leading mobile game developer and publisher, took over the Vancouver studio of U.S.-based Kabam in a deal estimated to be worth up to 1 trillion won ($900 million).

The data showed investment into the U.S., the biggest investment destination for South Korean money, declined 75.6 percent on-year to $1.85 billion in the first quarter, while the figure for Vietnam more than doubled to $1.08 billion over the cited period.

By sector, offshore investments in the financial and insurance sector rose 20.9 percent on-year to reach $3.21 billion, while those allocated to the overseas property sector spiked 48.2 percent to $1.1 billion, the latest findings showed.

The logo of the Ministry of Strategy and Finance (Yonhap)

sam@yna.co.kr
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