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Foreign investment plans in S Korea totalled $15.54 bn

SEOUL: Foreign direct investment plans in South Korea in 1999 totalled $15.54 billion, surpassing the government's $15 billion target, South Korea's Ministry of Commerce, Industry and Energy said on Sunday.

The figures, which are based on investment and plans for investment reported to the government, were up more than 75 percent from $8.85 billion in 1998.

A statement from the ministry said foreign investment plans for December amounted to $2.18 billion, up from $1.94 billion a year ago.

European Union investors submitted plans worth $6.26 billion, up 117 percent year-on-year.

U.S.-based investors submitted investment plans worth $3.75 billion, up 26.6 percent over last year.

Those from Japan jumped 247.2 percent to $1.75 billion.

The service sector accounted for 53.8 percent of total investment plans in 1999 followed by the manufacturing sector at 45.9 percent, the ministry said.

Investment in the agricultural, livestock, fisheries and mining sectors accounted for 0.3 percent to round out the total, the ministry sai.-Reuters