Seoul attracts 2.8 tln won from 4 U.S. firms in chip, energy sectors

Four U.S. corporations have pledged to invest a combined total of 2.8 trillion won (approximately US$2 billion) in South Korea's semiconductor, advanced materials, and energy sectors, according to the Ministry of Trade, Industry, and Resources. The investment announcements were made during a ceremony co-hosted by the Korea Trade-Investment Promotion Agency (KOTRA) in Washington, D.C., on September 3 (U.S. time).

Air Products, an American industrial gases supplier, intends to augment its semiconductor gas production facilities in Pyeongtaek, located south of Seoul. Additionally, Axcelis, a chip equipment manufacturer, aims to expand its production of ion implantation systems in South Korea, thus reinforcing its Korean facility as an export hub for the Asia-Pacific region.

Corning, a specialized materials company, will bolster its manufacturing capacities and invest in equipment for advanced materials utilized in cutting-edge mobile devices and semiconductors. Meanwhile, renewable energy firm Pacifico Energy plans to construct a 3.2-gigawatt offshore wind power complex in the southwestern Jeonnam-Gwangju area, which is anticipated to host a new semiconductor cluster.

The South Korean government pledged full-scale support to facilitate these U.S. firms' establishment of South Korea as an attractive investment destination. Furthermore, the government aims to utilize these projects as a launching pad for these companies to venture into other global markets.