S. Korea's overseas direct investment up 21 pct in 2019

SEJONG, March 20 (Yonhap) -- South Korea's overseas direct investment rose 21 percent in 2019 from a year earlier due mainly to increased investment by financial and insurance companies, data showed Friday.

Investments made by South Korean companies came to US$61.85 billion in 2019, according to the data compiled by the Ministry of Economy and Finance.

South Korean companies invested $14.77 billion in the United States in 2019, up 32.4 percent from 2018. The hike was driven by large-scale mergers and acquisitions.

The U.S. accounted for the largest share of South Korea's overseas investments at 23.9 percent.

South Korea's direct investment in China -- South Korea's largest trading partner -- jumped 20.7 percent on-year to $5.8 billion in 2019 due to increased facility investment by electric vehicle makers and chipmakers.

By sector, investments made by South Korean financial and insurance companies rose 45.4 percent on-year to $25.04 billion in 2019.

Manufacturing firms' combined investments increased 13.8 percent on-year to $18.35 billion in 2019, according to the ministry.
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