Invest KOREA

USD 1.9 billion worth of investment in hydrogen, chips, and green technologies
Further cooperation between the Korea and the US in high-tech industries and future energy

While President Yoon is on a state visit to the US, KOTRA (President Yu Jeoung Yeol) holds a US-Korea Business Roundtable, hosted by the MOTIE (Minister Lee Chang-yang), in Washington at 10:30 AM on Apr. 25.

In his visit to the US, commemorating the 70th anniversary of US-Korea alliance, President Yoon successfully secured a total of KRW 1.9 billion worth of investment that will be made to build infrastructures of hydrogen energy, one of the promising future energy sources, and expand domestic semiconductor foundries, the nationally critical industry. In US-Korea Business Roundtable, attended by President Yoon, 6 US companies announced plans to make investment worth a total of KRW 1.9 billion in hydrogen, semiconductors, and green technologies.

If Air Products' investment plan where it invests in construction of hydrogen and ammonia production and storage plants is proceeded as planned, it will be recorded as a historic level of foreign investment in hydrogen. If so, it will also go a long way to help the Korean government hit the target of 2050 carbon neutrality.

onsemi, the leader in the global power semiconductor market, will expand foundries that fabricate SiC power semiconductor, a core component of EVs, in order to respond to rapidly rising demands for EVs in both in and out of this country. Materials, parts and equipments, procured by it to manufacture SiC power semiconductor, will be sourced from domestic companies, which will make a great contribution to building an industrial ecosystem of next-generation power semiconductor, where the Korean government puts significant priorities, and improving the foundation of domestic EV production.

PureCycle Technologies, a US recycling technology company, will build plastic recycling facilities and EMP Belstar is going to expand sustainable cold chains and warehouses. Their plans will enable LNG cold energy recovery and eventually play a huge role in establishing the circular economy at home.

"Since the US holds a dominating position in semiconductor, rechargeable battery and biotechnology, which are Korea's strategic industries, a close cooperation with the US is imperative to guarantee our economic growth." and "KOTRA will spare no efforts to work with the Government to expand investment in domestic companies of future growth engine, such as advanced chips and green energy.", said KOTRA President Yu Jeoung Yeol.



Source : Invest KOREA (Apr. 25, 2023)