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R&D the Answer to Reinvestment in Chemicals
** Source: KOTRA / Invest KOREA
KOTRA held Chemical Innovation with Korea, an investor relations (IR) forum to promote reinvestment from foreign-invested chemical companies in Korea, last week at the Intercontinental Seoul COEX. The forum aimed to attract the research and development (R&D) centers of foreign companies in the field of biochemical and electronic chemistry engineering.
Major foreign chemical companies in Korea, including BASF Korea, Umicore Korea, TOK Korea and Saudi Aramco, and Korean companies and agencies, including Samsung Display, Hyundai Kia Motors and the Korea Industrial Technology Association, attended the forum to make presentations on the Korean government’s policies to support R&D centers and market demand.
KOTRA is receiving inquiries regarding R&D centers in Korea from global chemical companies. This shows increased demand for joint R&D in advanced chemical materials, which foreign companies aim to supply to large customers, including Samsung and Hyundai Kia Motors. Invest KOREA Commissioner Kiwon Han noted that the chemical industry is the core of enhancing the quality and competitiveness of Korea’s key export industries, including display and automobile. He said the inflow of quality chemical R&D resources are essential to narrowing the technology gap between Korea and advanced countries and building Korea’s competitiveness against China and other competitors. Han added that KOTRA will actively provide support to enhance cooperation between global companies and Korean firms.
A KOTRA official said it is time for Korea to focus on foreign-invested companies that already operate in Korea to increase high-added value R&D resources in accordance with changes in the investment climate. Enhancing the R&D capability of the chemical industry is expected to help develop resource technology and increase the number of quality jobs, transforming Korea from a technology innovation-oriented follower into a high-added value manufacturing leader.
The IR forum was a part of KOTRA’s Global Foreign Investment Network Development (FIND) program. Customized IR events for foreign-invested companies in four fields, including automobile, IT and BT, will also be held this year.
Source : KOTRA Invest KOREA (October 18, 2013)
Date
2013.10.23
- R&D is the Answer to Increasing FDI in the Chemical Industry
KOTRA Holds IR Forum to Attract R&D Centers of Foreign-Invested Companies
Foreign direct investment (FDI) in Korea reached a record high of USD 16.25 billion (notified) last year, according to the Korea Trade-Investment Promotion Agency (KOTRA). USD 7.38 billion, or 45.4 percent, was reinvestment by foreign-invested companies already invested in Korea. Reinvestment in the chemical industry was the second largest, at USD 640 million, in the manufacturing sector, following the electrical and electronic industry. The Korean government’s efforts to attract FDI are turning a new page.
Foreign Investment in Chemical Industry (New and Re-investment)
** Source: KOTRA / Invest KOREA
KOTRA held Chemical Innovation with Korea, an investor relations (IR) forum to promote reinvestment from foreign-invested chemical companies in Korea, last week at the Intercontinental Seoul COEX. The forum aimed to attract the research and development (R&D) centers of foreign companies in the field of biochemical and electronic chemistry engineering.
Major foreign chemical companies in Korea, including BASF Korea, Umicore Korea, TOK Korea and Saudi Aramco, and Korean companies and agencies, including Samsung Display, Hyundai Kia Motors and the Korea Industrial Technology Association, attended the forum to make presentations on the Korean government’s policies to support R&D centers and market demand.
KOTRA is receiving inquiries regarding R&D centers in Korea from global chemical companies. This shows increased demand for joint R&D in advanced chemical materials, which foreign companies aim to supply to large customers, including Samsung and Hyundai Kia Motors. Invest KOREA Commissioner Kiwon Han noted that the chemical industry is the core of enhancing the quality and competitiveness of Korea’s key export industries, including display and automobile. He said the inflow of quality chemical R&D resources are essential to narrowing the technology gap between Korea and advanced countries and building Korea’s competitiveness against China and other competitors. Han added that KOTRA will actively provide support to enhance cooperation between global companies and Korean firms.
A KOTRA official said it is time for Korea to focus on foreign-invested companies that already operate in Korea to increase high-added value R&D resources in accordance with changes in the investment climate. Enhancing the R&D capability of the chemical industry is expected to help develop resource technology and increase the number of quality jobs, transforming Korea from a technology innovation-oriented follower into a high-added value manufacturing leader.
The IR forum was a part of KOTRA’s Global Foreign Investment Network Development (FIND) program. Customized IR events for foreign-invested companies in four fields, including automobile, IT and BT, will also be held this year.
Source : KOTRA Invest KOREA (October 18, 2013)