尹 APEC visit to the U.S….attracted $1.5 trillion in investment by U.S. companies.

President Yoon Seok-yeol of South Korea, who visited the U.S. to attend the Asia-Pacific Economic Cooperation (APEC) summit, met with U.S. President Joe Biden at the Moscone Center in San Francisco on November 16 (local time). Yonhap News

In conjunction with President Yoon Seok-yeol’s visit to the United States for the Asia-Pacific Economic Cooperation (APEC) summit, four American companies, including General Motors (GM), announced their intention to invest approximately 1.5 trillion Korean won ($1.16 billion) in South Korea.

The Ministry of Trade, Industry and Energy announced on November 19 that GM, DuPont, IMC, and Ecolab, four companies in the fields of automobiles and semiconductors, reported their intention to invest a total of 1.5 trillion Korean won ($1.16 billion). The government expects this investment by these companies to generate an annual export increase and import substitution effect of more than 4.5 trillion Korean won.

Sylvain Amin, GM’s Vice Chairman, mentioned in a meeting with President Yoon on November 15 that he has gained confidence in doing business in Korea due to the Korean government’s bold regulatory reform and system improvement in line with global standards, and that he will continue to increase production in Korea following a 20-year partnership.

The Ministry of Industry assessed that this investment by GM confirmed that recent government efforts to improve investment environment, such as regulatory reform and system improvement, are leading to investments by global companies in Korea.

DuPont has decided to invest more than 200 billion Korean won ($163 million), creating more than 100 new jobs, in expanding its semiconductor material and component production plants and R&D centers in Korea, in line with the establishment of the world’s largest semiconductor cluster in the country. This additional investment, double the size of the investment announced during President Yoon’s visit to the U.S. in September last year, shows DuPont’s intention to develop Korea as a core production and R&D hub alongside the U.S.

IMC, a subsidiary of Berkshire Hathaway, plans to invest in a production facility for tungsten oxide, used in semiconductor manufacturing processes or high-strength tool manufacturing. This marks the company’s sixth investment project in the material component field in Korea, demonstrating Korea’s recognition as a material component investment hub in Asia and the Pacific.

Ecolab has decided to invest in a production facility for high-purity nanoparticles (colloidal silica), essential for the production of CMP slurry used in semiconductor manufacturing. This plant, the company’s first overseas high-purity nanoparticle factory, is expected to be built in Korea.

Minister of Industry Bang Ki-sun said, “This investment will greatly contribute to strengthening the advanced industry alliance between Korea and the U.S. and stabilizing our semiconductor industry supply chain,” and added, “We will continue efforts to improve the investment environment, including follow-up support for investment and breaking down killer regulations.”