SEOUL – South Korea registered a record volume of foreign direct investment in 2017 thanks to the interest in the information technology sector despite the crisis generated on the peninsula due to North Korea’s weapons tests, the South Korean government reported on Wednesday.
For the entirety of 2017, foreign direct investment agreements were valued at around $22.94 billion, representing a 7.7 percent rise compared to the volume of 2016, according to a report released on Wednesday by the Ministry of Trade, Industry and Energy.
The figure was about $9.36 billion for the period October-December alone, which also marks a historical record in quarterly investments.
“South Korea was evaluated as a stable investment destination despite the North Korean nuclear crisis,” said the statement.
The North Korean regime conducted one nuclear test and more than 20 missile launches in 2017, greatly escalating tensions with the administration of United States President Donald Trump.
In fact, the direct investment agreements of US entities increased by 21.5 percent interannually to stand at $4.71 billion and focused especially on the electronics components and information technology sectors.
Together with refineries, production centers of renewable energy batteries and automobile sensors, South Korean companies of big data and network solutions were the ones that attracted most foreign investment riding on the growing interest around the fourth Industrial Revolution.
This fourth industrial revolution revolves around the establishment of intelligent factories based on systems such as the Internet of Things.