[Amazing Korea] Foreign investment in Korea is on the rise

Foreign investment in Korea is on the rise

 

 Foreign direct investment (FDI) in Korea is recovering, data from the Ministry of Trade, Industry and Energy showed on Sunday. Through the third quarter of this year, FDI amounted to $13.27 billion, down 10.5 percent compared with a the same period last year, but recovering from a 30 percent drop in the first quarter of this year. The trade ministry said FDI during the third quarter alone, of $4.4 billion, was in line with $4.48 billion during third quarter of last year.

“Given that the rise last year was due to big cross-border merger and acquisition in September, the third quarter’s numbers are quite solid,” the ministry said.

 FDI during the first quarter was $3.56 billion and the second quarter was $5.32 billion. FDI on actual arrival basis was $10.8 billion won through the third quarter of this year, up 9.0 percent year-on-year, breaking the psychologically significant $10 billion mark.

“The significant $10 billion mark was broken in the shortest period ever this year, and I think this will signify rising foreign interest in Korea-related investment to other foreign investors who are interested in Korea” said Choo So-ryeong, a trade ministry official. This was also more than the five-year average of $10.3 billion on a reported basis and $6.31 billion on actual arrival basis. The increase was due to a rise in service and construction related investments.

 The ministry said it was also seeing the plans for investment reported by foreign investors taking place “smoothly and according to plans.”

 Looking into segments, the service industry saw $8.9 billion investments through the third quarter, up 3.5 percent year-on-year, led by Chinese Anbang Insurance Group’s $1 billion buyout of Tong Yang Life Insurance.

 Construction sector related investments spiked by 812.2 percent to $1.42 billion.

 But manufacturing sector saw a sharp decline in FDI, to $2.95 billion, down 51.3 percent year-on-year, due mostly to last year’s one-off spike in FDI from big M&A deals.

 However, FDI in the manufacturing sector was still on the rise looking at this year’s trends, from $390 million in the first quarter of this year to $1.85 billion in the third quarter. Investments from China increased significantly, with the FDI from China amounting $1.53 billion, up 48 percent year-on-year. Investment from Japan declined 27 percent to $1.2 billion, while the U.S. fell 4.0 percent to $2.98 billion.



Source : http://koreajoongangdaily.joins.com/news/article/Article.aspx?aid=3009891

[Amazing Korea] South Korean-designed SMART Reactors to be Built in Saudi Arabia for First Time

South Korean-designed SMART Reactors to be Built in Saudi Arabia for First Time

 

 

 

    A diagram of a System Integrated Modular Advanced Reactor. 

 

 

 

 South Korea’s efforts to export its domestically-designed small nuclear power reactors have borne fruit.  The Ministry of Science, ICT, & Future Planning (MSIP) announced on Sept. 2 that the Korea Atomic Energy Research Institute (KAERI), designer of the System-integrated Modular Advanced Reactor (SMART), has signed a memorandum of understanding (MOU) with Saudi Arabia's King Abdullah City for Atomic and Renewable Energy in Saudi Arabia to conduct the Pre-Project Engineering (PPE) program before constructing SMART reactors. This is the first project of the “SMART Partnership MOU,” which was signed at the time when President Park Guen-hye made a tour to the Middle East in March.

 

  Under the agreement, the two countries will jointly conduct a preliminary study to review the feasibility of constructing SMART reactors, build two SMART reactors in Saudi Arabia, push ahead with the additional construction, and cooperate on the commercialization and promotion of the SMART reactor to third parties. Once the construction is completed, as agreed, SMART reactors, which have been developed with a large budget from 1997, will be exported for the first time in 20 years. Park Jae-moon, head of the Office of R&D Policy at the MSIP, said, “Starting from Dec. this year, the two countries will carry out the PPE project for 39 months, and make the preliminary safety analysis report. If Saudi Arabia finally decides to build SMART reactors after three years, we will submit the report and get the approval for construction.”

 

  As the agreement stated, Korea and Saudi Arabia will make the joint investment of a total US$100 million (118.4 billion won) – US$30 million (35.52 billion won) each year for three years.

 

  Park said, “Saudi Arabia will supply 20 percent of the nation’s electric power from nuclear power plants, and 15 to 20 percent of them from small nuclear power reactors by 2040. Since we have recently decided on the possible site and focused on training researchers in the related sectors, the final export is more likely to happen.”

 

  Considering the fact that the possible SMART reactors construction site is inland, the MSIP and KAERI will introduce an air cooling system, which is different from the existing water cooling system that is authorized as the standard design.



Source : http://www.businesskorea.co.kr/article/11917/news-south-korean-designed-smart-reactors-be-built-saudi-arabia-first-time#sthash.kvDpNmSM.dpuf