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Jan 26, 2005

South Korean investment in China jumps in 2004

SEOUL - South Korean investment in China more than doubled in 2004 from two years earlier, fueled by local industry's rush to establish a presence in the world's most populous country, a trade agency said.

South Korean direct investment in China amounted to US$6.25 billion last year, up from $2.72 billion two years earlier, the Korea International Trade Association (KITA) said on Tuesday

The amount accounted for 10.3% of all foreign direct investment in China, compared with 5.2% in 2002. The number of South Korean companies investing in China jumped to 4,920 in 2003 from 650 in 1992, according to the association.

On a cumulative basis, South Korean investment in China came to $19.69 billion at the end of 2003, with 27,128 companies investing in the country.

The jump in South Korean investment in China came despite steady declines in investment by the United States, Taiwan and Singapore, the agency said.

The US investment in China dropped to $3.95 billion last year from $4.19 billion in 2003, with Taiwanese investment falling to $3.12 billion from $3.37 billion. Singaporean investment edged down to $2.01 billion from $2.05 billion.

The investment by South Korean firms in China is expected to remain high for the time being, the agency said, warning that they should be more cautions given falling investment by Taiwanese and Singaporean companies.

(Asia Pulse/Yonhap)

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