By Kim Tae-gyu
NEW YORK — Seven U.S. companies including Boeing, Curtiss-Wright and Almost Heroes promised Monday to invest $380 million in South Korea, despite the security threats posed by North Korea.
On the sidelines of President Park Geun-hye’s visit to the United States, delegates held meetings with the seven firms in Washington where they pledged the investments.
“The decisions of the seven U.S. corporations demonstrate their trust in the South Korean economy without regard to various uncertainties in the country,” Minister of Trade, Industry and Energy Yoon Sang-jick said.
“Based on the new administration’s resolute diplomatic and security policies, we will make active and strategic efforts to attract foreign direct investment (FDI),” he added.
Boeing will channel $120 million to establish a maintenance, repair and overhaul (MRO) center for F-15K Slam Eagle avionics components in Yeongcheon, South Gyeongsang Province.
The multinational aerospace and defense firm already signed a memorandum of understanding (MOU) with the provincial authorities and purchased land for its first MRO facility in Asia.
“The investment will boost Korea’s aerospace industry. We also expect that Korea will be able to become Boeing’s MRO hub in the Asia-Pacific region,” the minister said.
Another U.S. company Curtiss-Wright will funnel $30 million into Korea to shore up its capacity in nuclear reactor valves.
Curtiss-Wright, whose origin is related to the Wright Brothers who invented the world’s first airplane, was the largest U.S. aircraft manufacturer at the end of World War II.
Later, it evolved to become a component maker focusing on products such as actuators, aircraft controls and valves for nuclear reactors.
Almost Heroes, an animation studio, will make its first FDI in Korea by spending $20 million in Asia’s fourth-largest economy where it will create products for screening in the United States.
Yoon did not disclose the other four U.S. companies that will invest in Korea. But he said that they will bring $250 million into the country in sectors such as solar cells, leisure facilities and logistics centers.
Meanwhile, President Park met with U.N. Secretary General Ban Ki-moon, Monday, and congratulated 70-plus Koreans working for the organization based in New York.
Park said that Korea will actively take part in the U.N.’s efforts to help less developed countries “to build a happier global village.” She also explained her policies aimed at engaging North Korea despite its continued threats.
In response, Ban expressed support for her initiatives. The two met for the first time in three years since August 2009 when she visited Europe to accelerate the signing of a free trade agreement between Korea and European Union.