Seoul: The government has identified demand from local companies for over $1.6 billion in foreign investments, the industry ministry said Tuesday, citing its recent meeting with 51 domestic firms that have already received foreign investments. The 51 companies said they are hoping to attract a combined $1.68 billion worth of foreign investments, according to the ministry.

According to Yonhap News Agency, in detail, 41 manufacturing firms reported demand worth a combined $1.58 billion, while seven information and communications technology companies said they wish to attract a combined $40 million in foreign investment. The remaining $60 million investment demand came from logistics, health care service firms and others.

"We will strengthen customized support and boldly improve unreasonable regulations to ensure that regional companies that received foreign investment can steadily grow and settle down," a ministry official said.