UNITED STATES (OBSERVATORY NEWS) — FDI to South Korea fell 13.3 percent year on year in 2019.
The South Korean Ministry of Trade, Industry and Energy said in a statement on Monday that the value of foreign direct investment fell to $ 23.3 billion in 2019, compared to $ 26.9 billion in 2018.
The statement pointed out that foreign direct investment recorded more than $ 20 billion in 2019 for the fifth consecutive year.
South Korea has planned to expand incentives for foreign direct investment, as part of measures to tackle the growing suspicion stemming from the escalating Sino-US trade conflict.
The ministry announced that it is expanding the scope of monetary incentives for companies that invest in the spare parts, materials and equipment sectors, with the aim of enhancing the volume of foreign direct investment.
South Korea also plans to simplify the process for foreign companies to win building permits for factories, according to the ministry.
The South Korean central bank expected the country’s economy to grow by 2 percent year-on-year in 2019, the slowest since 2009.
It was also estimated that the economy would grow by 2.3 percent in 2020, the lowest rate since 2012.
The South Korean central bank cut interest rates to 1.25 percent in 2019, in light of the slowdown in economic growth.
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