Seoul attracts $2 bil. from 4 US firms in chip, energy sectors
Korean Industry Minister Kim Jung-kwan, center, poses with officials from four U.S. companies that announced plans to invest a combined 2.8 trillion won ($2 bilion) in Korea's semiconductor, advanced materials and energy sectors during an investment ceremony in Washington, Thursday (local time). Yonhap
Four U.S. companies have committed to investing a combined 2.8 trillion won ($2 billion) in Korea in the semiconductor, advanced materials and energy sectors, the industry ministry said Friday.
The Ministry of Trade, Industry and Resources announced the investment commitments at a ceremony co-hosted by the Korea Trade-Investment Promotion Agency (KOTRA) in Washington on Sept. 3 (U.S. time), attended by Industry Minister Kim Jung-kwan.
Under the commitments, Air Products, a U.S. supplier of industrial gases, plans to expand its semiconductor gas production facilities in Pyeongtaek, just south of Seoul, the ministry said in a press release.
Chip equipment maker Axcelis also plans to expand production of ion implantation systems in Korea, strengthening the role of its Korean facility as an export hub for the Asia-Pacific market.
Corning, a specialty materials company, will strengthen its manufacturing capabilities and invest in equipment for advanced materials used in next-generation mobile devices and semiconductors.
Renewable energy company Pacifico Energy plans to develop a 3.2-gigawatt offshore wind power complex in the southwestern Jeonnam-Gwangju area, which is expected to host a new semiconductor cluster.
"The government will provide full-scale support to help these companies establish Korea as an attractive investment destination and use their projects here as a springboard for advancing into other global markets," Kim said.