City Investment
SEOUL, Feb. 3 (Yonhap) -- Foreign direct investment (FDI) in Seoul reached a record high since the 2008 global financial crisis to surpass US$6 billion in 2013, on the back of a huge inflow of funds from the United States and Europe, data showed Monday.
According to the data compiled by the Seoul Metropolitan Government, the amount of new FDI pledged to the South Korean capital city in 2013 totaled $6.14 billion, up 5.7 percent from the previous year.
The investment from 987 companies from 74 countries marked the largest amount since 2008 when the country reeled from the aftermath of the global economic crisis, the data showed.
The increase was attributed to an active investment by the U.S., with the Americans' investment soaring 146 percent to $1.06 billion. The free trade deal between the two allies took effect in March 2012.
Investment from Europe also jumped 84.4 percent on-year to $2.86 billion in 2013, according to the data.
By region, Europe accounted for the largest share, or 46.6 percent, of the total inflow into Seoul in 2013, followed by $1.7 billion won from North and South Americans that took up 27.6 percent.
Some $1.57 billion, or 25.7 percent of the total, came from Asia last year. It is down by 50.7 percent from the previous year, due mainly to Japan whose direct investments into its neighbor plunged 48.1 percent, the data showed.
"Japanese entities seemed to turn to their own country away from Seoul due to a weaker Japanese yen and the revitalization of its national economy," a city official said.