Business leaders of 29 South Korean companies will participate in a US government event to promote foreign investment, the US Embassy in Seoul said Friday.

Forty-seven representatives from South Korean companies will travel to Washington D.C. to take part in the 2017 SelectUSA Investment Summit to be held at the Gaylord National Resort and Convention Center from June 18-20, according to the embassy. 

This year's delegation marks the largest size the country has sent to the event, the embassy said.

Organized by the US Department of Commerce's International Trade Administration, SelectUSA promotes and facilitates business investment in the US and assists local economic development bodies in drawing foreign investment.

The US is currently home to more foreign direct investment (FDI) than any other country in the world, the embassy said. South Korea is the fourteenth-largest source of foreign direct investment in the country.

"We are happy to welcome 47 business executives from Korea to this year's Summit," the embassy quoted David Gossack, Minister Counselor for Commercial Affairs at the Embassy and delegation leader, as saying. "As the nation's premier FDI event, the summit brings business opportunities and resources from across the United States together in a single place, enabling participants to complete weeks of work in fewer than three days."  (Yonhap)