With this in mind, the bank launched its FDI advisory centre in Seoul on March 27. The centre, its 11th, builds on the dedicated Korea desk established in Singapore in 2023. “South Korea is one of Asean’s top trading partners and a leading investor in Southeast Asia. FDI flows from South Korea into Southeast Asia have grown significantly in recent years, driven by companies’ strategic expansions into key markets such as Indonesia, Vietnam and Singapore,” says Wee Ee Cheong, deputy chairman and CEO of UOB.
In addition to South Korea’s globally recognised exports — K-pop and K-dramas — the nation’s businesses are making significant strides. From major conglomerates to innovative start-ups, Korean companies are ramping up their investments across Asean.
According to the Asean Investment Report 2024, published in October 2024, foreign direct investment (FDI) flows from Korea into Southeast Asia have more than doubled from US$5 billion in 2017 to US$10.9 billion in 2023. “This trend is set to grow due to various factors, including supply chain shifts, trade tensions, digital economy and the region’s ever-evolving consumer demographics,” says United Overseas Bank (SGX:U11
) (UOB) in a March 27 statement.
