S Korea 2005 FDI plans miss target

Seoul, Jan 4 | Updated: Jan 5 2006, 05:30am hrs
Foreign direct investment plans in South Korea fell by a 10th in 2005 and may fall further in 2006, the commerce ministry said on Wednesday, a trend contrary to its ambitions to attract foreign money to boost the service sector. The value of foreign direct investment plans received fell 9.6% to $11.56 billion last year, the commerce ministry said in a statement.

In 2004, the value of such plans had almost doubled to $12.79 billion. The ministry said it expected foreign direct investment plans in 2006 to total around $11 billion. The ministry blamed high energy costs and a weak US dollar for the fall.

Reuters