South Korean e-commerce giant Coupang Inc. listed on the New York Stock Exchange was the single largest inbound investor for the second year in a row in 2022, data showed Thursday.

According to the Ministry of Industry, Trade and Energy and multiple sources from the retail industry, Coupang secured $700 million in funds from the U.S. stock market and invested in Korea. It is the largest amount among investments made by other U.S. major enterprises in Korea.

Most of the investment from the U.S. was spent to expand fulfillment centers in Korea. Data showed that Coupang’s investment accounted for 23.4 percent of entire U.S. direct investment in Korea over the last two years.

Coupang, since being listed in the U.S. in 2021, has secured $1.2 billion in the U.S. and invested 2.3 trillion won ($1.9 billion) in Korea through six rounds of rights offering over two years.

By Hong Sung-yong and Han Yubin

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