British firms pledge $1.16 bil. investment to Korea
British and South Korean flags line The Mall during a military procession for the welcome ceremony for South Korea's President Yoon Suk Yeol on the occasion of his three-day state visit to the U.K., London, Nov. 21. AP-Yonhap
Two British companies announced plans to make a combined investment of $1.16 billion in Korea in a move to expand bilateral ties in the renewable energy sector, the industry ministry said Wednesday.
Under the plan, Corio Generation, currently developing eight offshore wind power complexes in Korea with a combined capacity of 2.9 gigawatts, aims to expedite the project through the investment, according to the Ministry of Trade, Industry and Energy.
British oil giant BP has also revealed a plan to invest in an offshore wind power complex in Korea's southern coastal region, along with a continued expansion of its investment in the country's renewable energy industry.
The industry ministry said the investment package is expected to stimulate local demand for tower structures, turbines and power cables, eventually revitalizing the regional economy and fostering job creation.
The ministry did not disclose the specific amount of investment from each company.
"This investment is a symbol of fortifying cooperation on carbon-free energy with Britain, a leading nation in the carbon neutrality sector. We hope that this investment boosts the development of South Korea's offshore wind power ecosystem," Industry Minister Bang Moon-kyu said.
The announcements were made on the margins of President Yoon Suk Yeol's state visit to Britain that began Monday. (Yonhap)