Foreign direct investment in Seoul more than doubles in first quarter

Foreign direct investment (FDI) in Seoul rose more than twofold in the first half of this year from the same period last year thanks to an improved business environment in the capital city, officials said Monday.

The FDI in Seoul totaled $1.8 billion in the January-June period, up 116 percent from last year. Improved investment environment in the city is believed to be a main reason for the sharp increase that is expected to create about 17,000 jobs, city officials said.

Service industry, which accounts for 90 percent of the total investment, drew $1.6 billion of foreign investment, jumping by 117.5 percent from the same period of last year. Investment in manufacturing businesses also doubled to 119 million won, the city said.

By region, FDI inflows from the American region more than tripled to $736 million, followed by investment from Asia with $575 million and Europe with $736 million, it noted.

The city expects to attract more investment from European companies in the latter half of this year, particularly by pharmaceutical and medical companies and international law firms, with a free trade deal with the European Union taking effect in July. (Yonhap News)