Foreign Cos to invest more than $ 900 Million in energy, future mobility, semi-conductor, and ICT in South Korea: PM Han
These agreements on investments were made ahead of the Invest KOREA Conference, the main event of the Invest Korea Summit 2023.
BUSAN (SOUTH KOREA): While indicating at remarkable success of the ongoing Invest Korea Summit 2023 in Busan, South Korean Prime Minister HAN Duck-Soo disclosed Tuesday that four foreign companies pledged to invest more than $900 million in four areas: energy, future mobility, semi-conductor, and ICT. These companies include America’s Hines, Japan’s TOK, Thailand’s B.Grimm Power, and Spain’s Ocean Winds.
“B. Grimm Power, Ocean Winds, TOK, and Hines among others have decided to invest in South Korea with over 900 million of investments in four areas including energy, future mobility, semi-conductor, and ICT,” said the PM. While assuring these investors of the full government support, he said, “With the investment of opportunity, the green transition of our industrial structure will be accelerated. We believe your investment will be successful and the Koran govt will do its best to support you.”
These agreements on investments were made ahead of the Invest KOREA Conference, the main event of the three-day summit.
The South Korean PM said this in the presence of BANG Moon-Kyu, Minister, Ministry of Trade, Industry and Energy; PARK Heong-Joon, Mayor, Busan Metropolitan City; Omkaram Nalamasu, CTO, Applied Materials; KIM Jong-Seok, Chairman, Regulatory Reform Committee; KIM Tae-Hyung, Commissioner, Invest KOREA during the Invest Korea Summit in which more than 250 investors from 30 countries are participating.
According to the Ministry of Trade, Industry and Energy America’s Hines will build a quantum computing facility in Busan while Japan’s TOK Advanced Materials is pushing ahead with the construction of a production facility for photoresists used in semiconductors. Thailand’s B. Grimm Power has committed to building offshore wind farms in Korea, while Spain’s Ocean Winds plans to establish a new factory to produce turbines and other components. France’s Renault, which has produced automobiles in Busan, promised to convert the production line for its internal combustion engine vehicles to produce hybrid cars.
A co-chair of the bid committee, South Korean Prime Minister HAN Duck-Soo, said, “As a global battle for technology is becoming excessive, the business competitiveness is not only becoming important for the country’s prosperity but for the country’s national security. And the core foundation that enables to secure competitiveness is the private investment.”
The PM assured the foreign investors of the supportive business environment in Korea and claimed that the country had identified many unfriendly regulations and abolished them.
“From such a perspective, in order to create the world’s best business environment, we are putting our all-out efforts. We defined obstacles to investments as ‘killer regulations and will take bold actions to remove these while increasing tax support and incentives for investors. Through preemptive investments toward high-tech and emerging industries, we will cultivate future growth engines.
The PM also pledged unshaken solidarity with Korea’s friendly nations and stabilized the country’s supply chain.
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The PM also sought support for Busan’s efforts, so that Korea’s experience of the “Miracle on the Han River” can be shared with the whole world.
Present on the occasion included SONG Jai-Hyuk(CEO, Samsung Electronics), JUNG Yeon-In (CEO, Doosan Enerbility), Stephane Deblaise (CEO, Renault Korea), AHN Churl-Joo (Representative Director, Umicore Korea), LEE Chei-Soo (General Manager, Lam Research Manufacturing Korea), Pål Eitrheim (CEO, Equinor Renewables), and others.
