Seoul attracted more than $10 billion in foreign direct investment for the first time last year on the back of growing popularity of K-beauty products, the city government said Monday.

The amount of FDI in Seoul totaled $10.1 billion, a 12 percent increase from $9 billion in the previous year, according to the Seoul Metropolitan Government.

The previous record was set in 2016 when the city received $9.6 billion worth of investment commitments.

Seoul accounted for 44 percent of the total FDI in South Korea.

It saw new investments worth $3.7 billion, a 16 percent jump on-year, while existing investors increased their investments by 11 percent in the same period to $6 billion.

By sector, manufacturing investments soared 276 percent to $2 billion mainly due to the popularity of Korean cosmetics. The service sector saw a 3 percent dip to $8.1 billion but still made up the majority of FDI in Seoul.

The municipality plans to launch a one-stop center, “Invest Seoul,” and hold 10 rounds of investor relations meetings abroad to draw more foreign investments.

(laeticia.ock@heraldcorp.com)