SEOUL, April 5 (Xinhua) — Foreign direct investment (FDI) in South Korea posted a double-digit growth in the first quarter due to an increased merger and acquisition (M&A) investment, a government report showed Monday.
The reported FDI amounted to 4.74 billion U.S. dollars in the January-March quarter, up 44.7 percent from the same quarter of last year, according to the Ministry of Trade, Industry and Energy.
It marked the third-highest figure for the first quarter as the M&A investment increased amid the continued COVID-19 pandemic, the ministry said.
The greenfield investment, which builds factories and create jobs, declined 13.1 percent over the year to 1.63 billon dollars in the first quarter, but the M&A investment more than doubled to 3.11 billion dollars.
The FDI in the manufacturing industry contracted 28.0 percent in the first quarter from a year earlier, but the direct investment in the services sector jumped 57.0 percent to 4.16 billion dollars.
The reported FDI from China and the United States dropped in double figures in the quarter, but direct investment from the European Union (EU) more than quadrupled to 3.11 billion dollars. Enditem