Gyeongbuk Province reached an all time high in 2014 FDI
According to the 2014 FDI Report published by Ministry of Trade, Industry and Energy (MOTIE), Gyeongbuk province recorded USD 2.3billion in reported FDI and 2.1 billion in actual FDI arrival with an increase of 1600 percent and 900 percent respectively. This increase is the highest record ever for the Gyeongbuk province.
The number of investing companies also increased 120 percent over last year with 32 companies including Corning and Toray. Corning’s large-scale M&A project in IT precision glass sector is the biggest project with an investment of USD 2 billion.
The top source country is the U.S with USD 2 billion followed by Japan (240 mil.), Europe (119 mil.) and China (35 mil.). Manufacturing is the top sector accounting 93% of the total projects (2.2 bill.) and the rest is service sector (165 mil.).
To keep the last year’s momentum, Gyeongbuk province plans to expand convergence material (carbon fiber) and ICT convergence industry in tune with the current changes in paradigm.
A governor of Gyeongbuk province, In-sun Lee said, “Gyeongbuk province will push ahead customized investment activities to attract global companies in cooperation with investment specialized companies including KOTRA.”
