South Korea’s direct overseas investment plunges

South Korea’s overseas direct investment plunged in the first half of 2013 from a year earlier, due mainly to a 57 percent decline in the resources development sector, reported S. Korean news agency (Yonhap). According to the report compiled by S. Korea’s finance ministry, the country’s overseas direct investment totaled USD16.22 billion during the January-June period, down 23 percent from USD 21 billion tallied a year earlier. The report provided a geographic break showing that the overseas direct investment declined in Asia by 29.6 percent, in North America by 33.8 percent, in the Middle East by 77.7 percent and in Africa by 31.3 percent, while rose in Europe by 33.1 percent and in Latin and South America by 86.3 percent. S. Korea’s finance ministry expects the country’s overseas investment to decrease during this year compared with last year due to sharp decline in the mining sector.