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Exodus to foreign countries

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Korean firms' overseas direct investment hit record

The slumping Korean economy faces another challenge ― local firms' exodus to foreign countries ― following a dive in exports and sluggish facility investment.

According to official data Friday, the country's overseas direct investment hit a record of $14.1 billion in the first quarter of the year, up 44.9 percent from a year before. The quarterly figure is the highest since 1981.

Experts attributed the significant rise to efforts by domestic companies to invest in production facilities overseas amid the intensifying trade war between the U.S. and China. They also argued that higher labor costs and various........

© The Korea Times