Korea's overseas direct investment hits all-time high in 2021
gettyimagesbank
Korea's overseas direct investment hit a record high last year as the global economy recovered from the fallout of the COVID-19 pandemic, data showed Wednesday.
The value of investments made by Korean companies reached $75.87 billion last year, up 32.8 percent from a year earlier, according to the data from the Ministry of Economy and Finance.
This is the highest since the government began compiling related data in 1968.
In the fourth quarter, the country's overseas direct investment jumped 62.7 percent year-on-year to an all-time high of $30.21 billion.
"Since the second quarter of last year, the country's overseas direct investment has expanded as concerns about the pandemic eased amid the vaccine rollout," the finance ministry said.
Korea's net overseas direct investment increased 38.1 percent year-on-year to a record high of $58.42 billion last year.
By country, the United States was the No. 1 destination for Korea's direct investment last year on the back of Korean firms' investment in the chipmaking and battery fields.
Direct investment in the U.S. soared 81.8 percent on-year to $27.59 billion.
The country's investment in China gained 47.8 percent to $6.67 billion, and that in the Cayman Islands rose 57.1 percent to $10.63 billion.
By sector, the country's overseas investment in the financial and insurance sectors jumped 58.5 percent year-on-year to $29.32 billion. Local firms' investment in the manufacturing sector increased 38.5 percent to $18.17 billion. (Yonhap)