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MOTIE holds North American Investment Notification Ceremony and Investors Roundtable 2022-09-23

The Ministry of Trade, Industry and Energy (MOTIE) held the North American Investment Notification Ceremony and Investors Roundtable on September 22 (local time) at the JW Marriott Essex House in New York on the occasion of South Korea’s President Yoon Suk-yeol’s first visit to the U.S.

The Ministry announced that the event had drawn a total of USD 1.15 billion in investment from seven companies for the development of Korea’s strategic technology supply chain items like semiconductors and secondary batteries.

Amid the global supply chain crisis and heated competition for high-tech hegemony from COIVD-19 and geopolitical conflicts, it is anticipated that ROK-U.S. supply chain and technology cooperation will deepen further.

The investment deal is meaningful in that it consists of not just manufacturing plants, but high-quality investment in R&D centers, which will contribute to domestic high-tech transfer and nurturing of highly skilled workforce.

R&D center investments made by Applied Materials (global ranking no. 1), Dupont, Solid Energy System, Entegris and BorgWarner are seen to greatly bolster the ROK-U.S. supply chain cooperation as well as secure the chip industry’s competitive edge for Korea.

Considering the world’s top four semiconductor equipment companies are aggressively expanding their investments in Korea, prospects for the domestic chip ecosystem and supply chain are bright.

BorgWarner’s R&D center for EV motors and Solid Energy System’s R&D center for next generation secondary batteries (lithium metal) are also forecast to strengthen Korea’s EV industry competitiveness in terms of supply chain and technology capacity.

Northland Power’s investment for offshore wind farms and EMP Belstar’s investment for cold chain warehousing are expected to create a powerful ripple effect on the energy and industrial transition required for carbon neutral.

The ROK-North America Investors Roundtable was held and attended by the CEOs of 13 global corporations, composed of those already investing in Korea and those interested in doing so. The 13 include companies from diverse sectors, such as Google, Boeing and Pfizer.

The CEOs of these companies shared their future collaboration plans and investment achievements in Korea, and stressed that they will contribute to the creation of a stable industrial ecosystem through a complementary supply chain with Korean companies.

Companies that had not participated in the notification ceremony also expressed interest in investment and requested support for noncapital region recruitment and broader scope of incentives for high-tech foreign investors.

Minister Lee assessed that the investment deals are valuable accomplishments in that they are highly relevant to policy tasks for supply chain reinforcement and carbon neutral, stating that all measures will be taken to successfully carry out each company’s investment plans.

MOTIE has been working closely with Korea Trade-Investment Promotion Agency (KOTRA) and local governments of Gyeonggi-do and Daegu-si to negotiate the terms of investment deals, and will continue to help further Korea’s industrial advancement and creation of jobs.

The Minister added that bold steps will be taken to adjust outdated, discriminatory regulations and offer higher incentives for high-tech investments in order to foster a more appealing investment environment.