S. Korea's overseas investment jumps in Q1: report

SEOUL, May 16 (Yonhap) -- South Korea's overseas direct investment jumped during the first quarter of this year from three months earlier as investment expanded in mining and other resources-development projects, a government report showed Monday.
Overseas investment made by South Korean companies and individuals amounted to US$9.14 billion during the January-March period, up 48.5 percent from a year earlier, according to the report by the finance ministry.
The spike stemmed mostly from increased investment in the mining sector, which more than doubled to $5.35 billion, the report showed.
Expanded investment in the steel industry also played a role. Investment in overseas steel manufacturing grew 11.6 percent, with POSCO, South Korea's leading steelmaker, leading the increase by spending $190 million in the area.
Australia was the No. 1 investment destination for South Korea, with investment bound for the country surging to $3.69 billion from $30 million the previous year. The United States came next with $1.98 billion, the report showed.
Investment in Asia, Europe and Latin American countries, however, all declined, compared with the first quarter of last year when South Korea made a one-off large-scale investment on energy development in Vietnam, the report noted.
The report expects South Korans' overseas investment to continue to grow in the months to come and return to the pre-crisis level at the end of this year.
In 2008, Korea's overseas direct investment came to $36.85 billion, the highest level in history. Investment in that year's first quarter stood at $9.16 billion, slightly higher than the figure recorded during the same period of this year, the report showed.
kokobj@yna.co.kr