Foreign Investment Highest in November

The volume of foreign investment marked the highest monthly total ever, last month.
The Ministry of Finance and Economics on December 6 announced that the total external investment reported in the month of November reached 117 cases worth 1.37 billion dollars. This is 15 times more than that of November 1998, and 54% higher than last October.
The total foreign investment that arrived in Korea from January to November 1998 was 7 billion dollars, 16% better than the same period in 1997.
According to the Ministry, the record volume is mainly due to Korea's recovering credibility. Several large deals including pulp and paper company Singapore Pan Asia's reported take over of Hansol Paper's Jonju factory and American Motorola's 50 million dollar acquiring of Appeal Telecom's share brought in a lot of foreign investment.
As the big five chaebol groups concentrate on restructuring through mergers, foreign investment is expected to increase. Japanese investment increased by 94% while the European Union raised investment 35%.