Four American companies in the semiconductor and clean energy fields attract $2 billion in investment in Korea

Strengthening Korea-U.S. semiconductor materials and equipment and clean energy industry ecosystem linkages

(Seoul, Washington = Yonhap News) Reporter Shin Chang-yong and Correspondent Baek Na-ri = Four American companies in the semiconductor, advanced materials, and clean energy fields are carrying out foreign direct investment (FDI) worth a total of $2 billion (about 2.8 trillion won) in Korea.

It is assessed that the Korea-U.S. high-tech industry supply chain cooperation relationship is becoming stronger despite the uncertain economic and trade environment, including recent supply chain reorganization.

The Ministry of Trade, Industry and Energy announced on the 4th that it held an investment declaration ceremony and round table with the Korea Trade-Investment Promotion Agency (KOTRA) in Washington, DC, USA on the 3rd (local time) and attracted investments worth $2 billion from four US companies.

By company, Air Products, a global leader in the industrial gas field, is pursuing a project to expand its semiconductor gas supply facility in Pyeongtaek, Gyeonggi Province. This project is the largest since Air Products entered Korea, and will also build rare gas facilities for semiconductor microprocessing.

Exelis, a company that produces ion implantation process equipment, one of the major semiconductor manufacturing processes, is expanding its Korean plant to strengthen its role as an export hub targeting the Asia-Pacific region.

Corning, a company in the field of advanced materials including special glass for displays, plans to strengthen its manufacturing capabilities and accelerate the introduction of facilities related to advanced materials in the next-generation mobile devices and semiconductor fields.

Pacifico Energy, a renewable energy company, is commencing a project to build a 3.2GW (gigawatt) offshore wind power complex in the Gwangju, Jeollanam-do area.

Minister of Trade, Industry and Energy Kim Jeong-gwan listened to the difficulties faced by the four companies and said, "We will actively support Korea to become an attractive investment destination for entrepreneurs to take their businesses to the next level and a bridgehead for entry into the global market."

Prior to this, the Ministry of Trade, Industry and Energy continued the exchange of innovative investment ecosystems between the two countries by holding a forum connecting eight domestic startups and local global investors in San Francisco on the 1st.