South Korea's overseas investments soared last year as companies' spending on resource-development businesses were enhanced in spite of high raw material prices, a government report said on Friday.

The report by the Ministry of Strategy and Finance said that overseas direct investments by South Koreans totaled to US$32.79 billion last year, 18.1 percent higher than US$27.76 billion a year earlier.

The rise in the investments was mainly due to local companies in the mining sector, which expanded their expenditure amid soaring commodity prices. Investments in the sector amounted to US$9.11 billion, close to a triple of investments a year ago, US$3.09 billion, the report said.

Investments in the real-estate and rental sector were increased by 38.6 percent to stand at US$4.16 billion, up from US$3. 09 billion a year ago, the report added.

By country, Iraq was the country with the largest-growth investments, from US$1 million to US$4.57 billion, while the US stayed at the top of South Korea's overseas investment list.

However, investments in China and Vietnam declined 35.4 percent and 27.8 percent, respectively, according to the report.

(Xinhua News Agency February 7, 2009)