17.08.2021, 23:19

ASEAN - most important investment destination for Korean firms

ASEAN - most important investment destination for Korean firms

At a ROK's factory in Ba Ria - Vung Tau province (Photo: VNA)   

NDO/VNA – The Federation of Korean Industries (FKI) said on August 17 that despite the COVID-19 pandemic, investment inflows in ASEAN members states still account for 20.3% of the Republic of Korea (ROK)’s outbound investment, making the bloc its most important investment destination.

In 2014, the ROK’s investment in the Association of Southeast Asian Nations (ASEAN) reached 16.2%, surpassing China (12.9%).

The FKI’s data showed that during the 2016-2020 period, the ROK invested US$731 billion in ASEAN, up 30.4% from 2011-2015. Meanwhile, the figure in China was US$698.9 billion, up 10.4%.

It suggested the ROK soon approve the ROK-Cambodia Free Trade Agreement, the ROK-Indonesia Comprehensive Economic Partnership Agreement, and resume commercial flights to major investment countries in the region.

According to the FKI, the ROK Government should step up policy support to make it easier for Korean firms to join infrastructure projects in ASEAN member states such as Indonesia and Thailand.

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