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INVESTMENTS IN THE INFORMATION AND COMMUNICATION INDUSTRY OF THE REPUBLIC OF KOREA AS A KEY FACTOR IN ECONOMIC GROWTH

The dynamics of today's South Korean economy have been studied and the key factors that have a significant impact on its growth have been identified. The object of the study is the volume of investment in the information and communication industry in the Republic of Korea. The subject of the study is the peculiarities of investment activity in the Republic of Korea in the information and communication industry and the relationship with the economic growth of the country. Thus, the purpose of the study is to investigate the existence of a causal relationship between the volume of investment in ICT and economic growth of the national economy of the Republic of Korea, considering also foreign direct investment and the number of companies in the information and communication industry in the country. One of the main challenges at this stage of economic development is to increase investment activity from internal and external actors for sustainable economic growth. Research methodology and methods. The study proposes an integral indicator of the volume of investment in ICT, GDP, foreign direct investment and the number of organizations in the ICT industry used in international research in the analysis of the growth factor of the economy of the country. Econometric models have been built to analyze the effectiveness of investment in ICT to stimulate economic growth as a whole. Based on the correlation analysis of seasonally adjusted quarterly time series for the period from 2005 to 2021, available from the Korean Statistical Information Service (KOSIS), an econometric model has been developed to determine the degree of influence of repressors on the country's GDP. It means that investments in information and communication technologies (ICT) are interconnected with the growth of the GDP of the Republic of Korea. With an increase in investment in ICT by one thousand US dollars, GDP increases by an average of 9.9 billion won (7.7 million US dollars). Is is also found out that foreign investments (FDI) in the telecommunications industry are not so effective and with their growth, GDP increases by 0.04 billion won (32 thousand US dollars). The ICT investment strategy disclosed in this study is particularly useful for policy makers planning economic growth in South Korea and other ICT-rich countries because promoting the use of ICT across all sectors requires the creation of legal and policy frameworks