According to Yonhap News,

Global companies from the U.S. and India will invest about USD 120 million (approximately KRW 170 billion) to construct and expand production facilities in Chungnam-do.

On June 18th, Chungnam-do signed an MOU with Air Products (USA), BABA Advanced Materials (India), Cheonan City, and Asan City at the provincial government office.

Air Products is a global company that manufactures industrial gases and related equipment. It currently operates production facilities in Cheonan and Asan, supplying specialty gases used in semiconductor and display processes.

Through this agreement, Air Products plans to expand its factory in the Cheonan Third Industrial Complex and introduce specialized equipment to produce ultra-high-purity industrial gases in Korea.

BABA Advanced Materials, an Indian company, specializes in the production and distribution of semiconductor raw materials.

As part of this investment, BABA Advanced Materials will form a joint venture, "IndiChem," with the domestic company "J&Materials."

The newly established company will build a factory in the Namgongju General Industrial Complex to supply raw materials for semiconductor photoresists.

According to the province, this is the first time an Indian company has decided to invest in Chungnam-do.

Governor Kim said, "this agreement has advanced Chungnam's industrial competitiveness," adding that "we're confident that the province and the two investing companies will continue to grow in a win-win relationship."


jkhan@yna.co.kr

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Source: Yonhap News (June 18, 2024)

** This article was translated from Korean.