Foreign Investments Hits Record High
Foreign direct investment here hit a record high of $15,690 million last year, slightly higher than the $15,541 million in 1999, the Ministry of Commerce, Industry and Energy said yesterday.
The fact that foreign investments reached a record high is significant in that it occurred in a year of economic uncertainties and severe labor unrest in the second half, ministry officials said.
Last year was the fourth consecutive year in which foreign direct investment increased, rising from the $7 billion in 1997 and $8.9 billion in 1998 to $15.5 billion in 1999
``Another significant aspect in foreign investment trends is the sharp increase in the number of cases which rose to 4,136 last year, nearly double the 2,102 of 1999,'' one investment official said.
However, it is also noteworthy that while the total investment by quarter continued to increase, the rate of increase fell, shrinking by 25.6 percent in the fourth quarter.
``We are not discouraged by the decline in the rate of increase since the figures are relative. What is important is the fact that the absolute amount is constantly increasing,'' the official said. …