This paper aims to prove that Korean outward foreign direct investment (OFDI) can be more comprehensively examined from a spatial perspective and major locational determinants are accurately identified when spatial dependence and heteroscedasticity effects are taken into consideration. Our findings are different from the results of earlier studies without the spatial effects perspective. The GDP per capita of Korean main trade-partner countries is the major Korean OFDI determinants. Korean OFDI favored economies with a higher degree of trade openness. Korean OFDI took advantage of the economic integration. However, it greatly underweighted its investment and profitable opportunities in most Central and South American countries and the African continent though Korean OFDI has outstandingly expanded into North America, Europe, South East Asian countries and mainland China markets.