Foreign investment in South Korea rose 3.8 percent last year, led by U.S. and European investors who mostly increased their purchase of local stocks and bonds, the central bank said Monday.

Outstanding foreign investment in Asia’s fourth-largest economy amounted to a record $991 billion as of the end of 2013, compared with $954.7 billion the previous year, according to data by the Bank of Korea.

The data covered foreigners’ direct investment, portfolios and other types of investment.

Foreigners’ direct investment rose by $11.2 billion on-year to $167.3 billion last year, and their investment in local stocks and bonds gained by $39.2 billion to $617.4 billion, it added.

The rise in foreign investment came mainly as foreign investors ramped up their purchase of local stocks and bonds due to South Korea’s sound economic fundamentals, it said. (Yonhap)