South Korea’s overseas direct investment soared in the first half of this year due to surging investment in overseas mining development projects, the finance ministry was quoted by Xinhua.
Overseas direct investment reached 26.9 billion U.S. dollars for the first six months of 2011, up 131.8 percent from 11.61 billion dollars tallied for the same period last year, the Ministry of Strategy Finance said in a statement.
The sharp increase was mainly attributable to surging investment in overseas mining development projects, which expanded 373.7 percent on-year to reach 16.11 billion dollars during the January-June period, according to the ministry.
By country, the investment in the U.S. development projects ranked first by posting 12.58 billion dollars in the first half, followed by Australia with 3.82 billion dollars, China with 2.32 billion dollars and Cambodia with 1.11 billion dollars.
The first-half figure indicated the overseas direct investment is recovering following a sharp contraction due to the 2008 global financial crisis, but the ministry said external uncertainties such as the U.S. credit rating downgrade and the European fiscal crisis would affect negatively on the recovery of the overseas investment.