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Korea's overseas investment falls sharply
Writer : Sender
Nov 05, 2009
Korea's overseas investments fell sharply in the first nine months of this year compared with 2008 as the global economic slowdown discouraged local investors from taking risks abroad, a government report showed Wednesday and Yonhap News reported.
According to the report by the Ministry of Strategy and Finance, Korea's overseas investments amounted to US$13.35 billion in January-September, down 48.7 percent from the same period a year earlier, when the total reached $26.05 billion.
There was an across-the-board drop of 74.2 percent on-year in investments in foreign real estate and rental business, the report found.
"The decline is mainly due to the worldwide economic slowdown, which caused most investors to transfer less money overseas," the report said. It added that while there have been signs of modest improvements in outbound investment, negative growth will probably continue into the fourth quarter.
(Source: The Korea Herald)
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