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According to Yonhap News,
A global storage battery maker, Umicore, headquartered in Brussels, Belgium, signed an investment contract worth USD 100 million with South Chungcheong Province on Nov. 12.
Umicore, which has already moved into Cheonan general industrial complex, unveiled its plan this time to scale up its facilities in Korea under the five year investment pact.
The Belgium battery maker is one of the world’s top players in cathode materials market, hiring over 1,700 employees. They earned KRW 4.3 trillion in sales last year alone.
If all goes as planned, the effect on production inducement and value-added creation is estimated to be at KRW 800 billion and KRW 200 billion respectively. The investment also appears to create import substitution which helps the province save as much as KRW 1.8 trillion over the next five years.
South Chungcheong Province governor, who visited the Netherlands the day before to reach another investment deal valued over USD 15 million with a Dutch bio-food maker, said “We’ll give full support to these foreign businesses to move in, helping them grow together with the communities.”
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Source: Yonhap News (Nov.12, 2019)
*This article was translated from Korean.