Invest KOREA

A stronger ROK-EU cooperation in high-tech industries and renewable energy is expected
On the occasion of President Yoon's visit to France to attend the Bureau International des Expositions (BIE), KOTRA hosts an investment forum with European enterprises.

In the presence of the Republic of Korea’s President Yoon Suk Yeol, KOTRA (President Yu Jeong Yeol) held a European investment roundtable in Paris on June 21 at 11:00 A.M. (local time) to announce a combined USD 940 million worth of investment decisions made by 6 European companies.

The investment roundtable was mainly about the six companies' plans to invest in: rechargeable batteries (Imerys, Umicore); electric vehicle parts (Continental); engineering polymers (Nylacast); offshore wind turbines (CIP, Equinor). They will construct manufacturing facilities to produce rechargeable battery materials, automotive parts, polymeric materials and build offshore wind farms in Korea.

① France's Imerys promised to invest in carbon black plants to produce conductive carbon additive for rechargeable batteries and ② Umicore headquartered in Belgium plans to construct an additional manufacturing facility and new global R&D center for cathode materials in Korea. Their decisions will make a significant contribution to securing a reliable supply of battery materials, which determine the performance of rechargeable batteries, and strengthening Korea's technological capabilities, which will, in turn, boost the competitiveness edge of the domestic rechargeable battery industry.

③ Continental, a German multinational automotive parts manufacturing company, is expected to take an important role in enhancing production capacity of the future car industry at home by adding new manufacturing facilities that produce automotive electric parts which are essential for future mobility.

British high-performance polymer giant Nylacast will build facilities to manufacture high performance polymers used for building ships in Korea and use them as Asia's manufacturing and delivering hub. Its investment will go a long way toward diversifying Korea's supply chain of shipbuilding, one of the flagship industries in the nation.

⑤ Danish investment firm CIP and ⑥ Norwegian energy company Equinor are committing to invest in offshore wind projects in Korea, which will help greatly increase the share of wind power in the national energy portfolio.

"What's required now to respond to a rapidly changing global supply chain and solidify Korea's competitiveness in the high-tech industries, like rechargeable batteries and future vehicles, are to have strong cooperative ties with European countries which are dominating sectors of materials, parts, and equipment and European renewable energy companies armed with cutting-edge technologies.", said KOTRA President & CEO YU Jeoung Yeol. He added, "KOTRA will proactively support these European investors as much as we can, together with the MOTIE and local governments, to ensure their investment will bear fruits."



Source: Invest KOREA (Jun. 21, 2023)