North American companies invest $1.15 billion in Korean semiconductors and electric vehicles…

With President Yoon Seok-yeol’s visit to the United States as an opportunity, local global companies pledged to invest a total of 1.15 billion dollars (about 1.62 trillion won) in Korea. They decided to invest in establishing a research and development (R&D) center to establish a core supply chain related to national strategic technologies such as semiconductors, electric vehicles, and secondary batteries.

At the ‘Investment Reporting Ceremony and North American Investor Roundtable’ held at the JW Marriott Essex House in New York on the 22nd (local time), the Ministry of Trade, Industry and Energy announced that 7 global companies in North America have pay $1.15 billion into semiconductor and electric vehicle sectors He said he had submitted a large-scale foreign investment notification to the Ministry of Industry. The event was attended by about 20 people, including President Yun Seok-yeol, Minister of Trade, Industry and Energy Lee Chang-yang, and KOTRA President Yoo Jeong-yeol, who visited the United States to attend United Nations General Assembly.

In the semiconductor field, which is a key area of ​​the Korea-US supply chain, technology, and economic security cooperation, Applied Materials, the world’s No. decided to make

The establishment of BorgWarner’s electric vehicle drive motor and Solid Energy System (lithium metal) next-generation electric vehicle battery R&D center is expected to contribute to expanding the electric vehicle supply chain and improving technological capabilities.

The construction of Northland Power’s offshore wind farm and the expansion of EMP Belstar’s eco-friendly cryogenic logistics warehouse (Cold Chain) are having a very positive impact on energy and industrial transition for carbon neutrality.

The Ministry of Trade, Industry and Energy expects that investment by North American companies in core industries such as semiconductors and secondary batteries will further strengthen the supply chain and technological cooperative relationship between Korea and North America amid intense competition due to COVID -19 and geopolitical conflict. .

Industry Minister Lee Chang-yang said, “This investment is significant as it is a high-quality investment that is closely related to policy tasks such as strengthening the supply chain and promoting carbon neutrality,” he said.

The Ministry of Trade, Industry and Energy has been consulting closely with KOTRA on investment conditions with local governments such as Gyeonggi and Daegu and all companies to attract this investment. In the future, we will continue to provide support to contribute to the development of the domestic industry and expand employment.

At the ‘Korean-North American Investor Roundtable’ that followed, representatives from 13 global companies that had already invested or were interested in investing in Korea, including companies that participated in the investment declaration ceremony, were present . In the bio sector, Pfizer, Johnson & Jones, Google in the information and communication technology (ICT) sector, and Boeing in the car and aviation sector were active.

Representatives of these companies shared their investment achievements in Korea and plans for future cooperation. He also emphasized the importance of contributing to the creation of a stable industrial ecosystem through complementary supply chain cooperation with Korean companies. Some companies have asked for the expansion of incentives for foreign investment in high-tech industries and research and development, and support to secure talent in non-metropolitan areas.

Minister Lee stressed, “In order to create a more attractive investment environment, we will strengthen investment incentives for high-tech industries and aggressively promote regulations that are discriminatory to foreign-invested companies or that do not conform to global standards- wide.”