Foreign Investments Soared to $627 Mil. Last Month

Article excerpt

Foreign investments in Korea soared 102.3 percent to $627 million last month, bringing the cumulative total for the year to $1.747 billion, the Ministry of Commerce, Industry and Energy said yesterday.

In its monthly report, the ministry said foreign investments poured in despite the fact that February had only 23 working days owing to it being a short month and the observance of Lunar New Year holidays.

Even in terms of the number of investments, it reached 248, following up on the 304 in January, the first month ever that instances of foreign investment surpassed 300, ministry official said.

``One of the most encouraging aspects of the investment trend is that an increasing number of them are less than $10 million, that is mostly investments in small companies,'' said one ministry official.

The government has recently focused on attracting investments of a smaller scale, particularly in the provinces to generate new jobs and help create a more balanced regional development.

Perhaps as a result of these efforts, 96.4 percent of the 248 investments were less that $10 million with 93. …