According to The Korea Economic Daily Global Edition,

South Korea has attracted investment worth $940 million dollars from six high-tech European companies to build factories and R&D centers.

The six companies on Wednesday in Paris announced their investments at a ceremony attended by President Yoon Suk Yeol, who visiting France.

"Please tell me and the Korean government any time you have any difficulties or need support in the investment process," President Yoon told them holding talks with the heads of the six and thanking them individually.

This year, South Korea has attracted reported foreign investment of $16.5 billion, breaking the previous record for the first half of the year of $15.7 billion in 2018.

The Office of the President said cumulative foreign investment attracted by President Yoon's sales diplomacy this year reached $3.1 billion, or 19% of the reported amount in the first half.

"President Yoon’s sales diplomacy, which resulted in in the Republic of Korea’s No. 1 salesperson, is paying off," Senior Presidential Secretary for Economic Affairs Choi Sang-mok said.

The French mineral company Imerys pledged to build in South Korea a plant for carbon black, a fine carbon powder used as a cathode material for secondary batteries and additive for semiconductor manufacturing.

Umicore, a Belgium-based cutting-edge materials company, will build a cathode material plant and R&D center for secondary batteries, and German automotive parts maker Continental a high-tech electrical parts factory for future cars such as electric vehicles.

Investment also came in offshore wind power. Copenhagen Infrastructure Partners aka CIP of Denmark, the world's largest green energy investment company, and the Norway-based public energy company Equinor announced construction projects for offshore wind farms.

During his state visit to the US in April, President Yoon attracted investments worth $5.9 billion from eight companies including streaming giant Netflix.

Write to Hyeong-Joo Oh at ohj@hankyung.com





Source: The Korea Economic Daily Global Edition (Jun 22, 2023)