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One-fifth of Korean exports generated by foreign-invested firms: reportBy Shim Woo-hyun
Published : Oct. 11, 2020 - 16:00
Around 18.5 percent of South Korea’s total export volume last year was from foreign-invested firms, according to a Korea Trade-Investment Promotion Agency report Sunday.
The export volume generated by firms with foreign investment reached $100 billion last year, while the nation’s total exports marked $542 billion, according to KOTRA’s report, which surveyed 14,000 local trading firms.
The number of local firms with foreign capital reached 5,800 as of last year, the report added.
Korean firms with foreign investment continued to mark solid business performance records this year, the report said. As of July, the total export volume generated by 5,400 local firms with foreign investments reached $50.8 billion, accounting for 17.9 percent of the nation’s total export volume during the seven-month period.
KOTRA said it would increase its efforts to connect local trading firms with foreign investors, and that global value chains are rapidly changing amid growing protectionism around the globe.
The state-run institution added that it would also introduce programs that would allow foreign firms to benefit by investing in local trading firms.
“The recent decreases in global trading volume and growing protectionism around the world could increase competition among trading firms worldwide. KOTRA will increase support for foreign firms that work with local trading firms to build new global value chains,” KOTRA President Kwon Pyung-oh said.
By Shim Woo-hyun (email@example.com)
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