South Korea's direct overseas investments reached a record $44.49 billion in 2011 amid a sharp increase in resource development efforts, the Ministry of Strategy and Finance said Thursday.
The ministry in a statement said the total was 29.5% more than in 2010 due to major investments in energy-related projects such as oil and gas, though overseas investments weakened in the third and fourth quarters due to the euro zone sovereign debt crisis.
Investments in the U.S. more than tripled to $16.43 billion in 2011, while those in Australia rose more than fivefold to $4.11 billion. Direct investments in China increased 10.4% to $4.87 billion.
The ministry said it expects continued growth in overseas direct investments this year despite uncertain global economic conditions, buoyed by greater merger and acquisition efforts by domestic companies as well as expectations for continued investments for overseas resources
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