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In light of President Yoon Seok-yeol’s visit to the United States to attend the Asia-Pacific Economic Cooperation (APEC) Summit, four American companies including General Motors (GM) have announced plans 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 four companies – GM, DuPont, IMC, and Ecolab – have reported plans to invest a total of 1.5 trillion Korean won ($1.16 billion) in areas such as automobiles and semiconductors. The government expects this investment to trigger an annual increase in exports worth over 4.5 trillion Korean won and a substitution effect for imports.
GM Vice Chairman Suhail Al Mazrouei mentioned during a meeting with President Yoon on November 15, “With the bold regulatory reforms and system improvements in line with global standards by the Korean government, we have gained confidence in doing business in Korea. We will continue to increase production in Korea, following our 20-year partnership.”
The Ministry of Trade, Industry, and Energy assessed that GM’s investment this time confirms that the government’s recent efforts to improve the investment environment, such as regulatory reform and system improvement, are leading to global companies’ investments in Korea.
DuPont plans to invest more than 200 billion Korean won ($164 million) in expanding its semiconductor materials and parts production plants and R&D centers in Korea, linked to the plan to establish the world’s largest semiconductor cluster in the country. This is an additional investment, twice the size of the investment announced last September during President Yoon’s visit to the U.S., demonstrating DuPont’s commitment to developing 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 is the company’s sixth investment project in the materials and parts sector in Korea, signifying Korea’s recognition as a materials and parts investment hub in the Asia-Pacific region.
Ecolab plans to invest in a production facility for high-purity nanoparticles (colloidal silica), essential for the production of CMP slurry used in semiconductor manufacturing. The company’s first overseas high-purity nanoparticle plant is expected to be built in Korea.
Minister of Trade, Industry, and Energy 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.”
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