Invest KOREA

Successfully attracting investments worth USD 1.1 billion in the advanced technology fields such as semiconductor and EVs
Strengthening investment cooperation on key industrial supply chains, Discussing future collaboration on carbon-neutrality

In New York, the North American Investment Reporting Ceremony and Investor Roundtable event was hosted by the Ministry of Trade, Industry and Energy (Minister Lee Chang-yang) and organized by KOTRA (President & CEO Yu Jeoung-yeol) on Sep. 22 (local time).

Amid President Yoon Suk-yeol's official visit to the U.S. to attend the UN General Assembly, the event was prepared to strengthen cooperation in Korea-U.S. supply chains for the national strategic industry fields of semiconductors, secondary batteries, and biotechnology, and to expand the basis for future cooperation such as electric vehicles and carbon neutrality.

At the first investment reporting ceremony, a total of 7 companies, indluding Applied Materials, DuPont, Entegris (semiconductor), BorgWarner (electric vehicle), Solid Energy Systems (secondary battery), EMP Bellstar (logistics), and Northland Power (offshore Wind Power)reported investments worth US$1.1 billion under President Yoon’s presence.

Most of the projects reported are advanced technology industries, such as semiconductors, electric vehicles, and secondary batteries, which the Korean government has concentrated on its aim to foster. In line with that, building more manufacturing facilities and newly establishing R&D centers are also expected to contribute significantly to securing a competitive advantage in the industries as well as the supply chains. Moreover, investments in offshore wind power and logistics are also meaningful in terms of establishing a carbon-neutral foundation.

The following event of the investor roundtable was joined by the enterprises present in the investment declaration ceremony; major semiconductor companies such as Lam Research and Axcelis; and representatives of 13 global corporations such as Google, Boeing, Johnson & Johnson, and Pfizer. At the event, the companies shared their past investment performance, introduced the next investment plans, and also talked about difficulties in carrying out investment projects or in decision-making.

President of KOTRA Yu Jeoung-yeol said, "Attracting investments is more important than ever, so as to respond to the reorganization of global supply chains and to secure the future new-growth engine," adding, "we will actively go ahead with the promotion centering on Korea's cutting-edge industry fields, and join hands with the government to improve the overall environment for investment promotion as the relevant competition gets fierce among nations."



Source : Invest KOREA (2022.09.23.)