The Ministry of Trade, Industry and Energy reported that South Korea saw a 11.3 percent year-on-year increase in foreign direct investment (FDI) pledges during the first nine months of this year, reaching an all-time high. The amount of FDI commitments totaled $23.95 billion, while the actual investment that arrived in South Korea rose 20.2 percent to a record $13.92 billion.
President Yoon Suk Yeol spoke at a ceremony in Paris on June 21, 2023, where a group of European companies announced plans to make investments in South Korea. The manufacturing sector saw a 15.7 percent year-on-year growth in FDI pledges, driven by investments in the electronics and electric fields, as well as the chemical engineering field. The service sector saw a 9.0 percent year-on-year increase in FDI pledges, mainly due to investments in the financial and accommodation fields.
The United States and Japan saw a decrease in investment pledges, while the European Union and China, Hong Kong and Taiwan saw a rise. Greenfield investment rose 20.4 percent to $16.79 billion, while investment in the form of mergers and acquisitions fell 5.5 percent to $7.16 billion.