Photo : YONHAP News
For the first time ever, South Korea has become the largest investor in the United States.
The Financial Times said Wednesday that South Korea was the largest investor in the U.S. last year, after analyzing data from the UN Conference on Trade and Development.
According to the report, U.S. project commitments from South Korean companies totaled 21-point-five billion dollars or 28-point-five trillion won last year, down eleven percent from the previous year, but South Korea moved into the top spot because of a significant decrease in commitments from Taiwan.
Canada came in second, followed by Germany, Britain and Japan.
The report pointed out likely factors such as the CHIPS and Science Act and the Inflation Reduction Act, both passed in the U.S. in 2022 to incentivize companies to invest in manufacturing there.
The report suggests that South Korean companies sharply increased their investment in the U.S. to benefit from a tax credit for electric vehicles.