- Registration date2024-03-28
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Deputy Minister for International Trade and Investment Choi Woo-seok attended the completion ceremony of Valeo Mobility Korea’s production facility for manufacturing self-driving vehicle parts on March 28 in the Daegu National Industrial Complex.
The French company Valeo has steadily invested in Korea for over 35 years since its first joint investment with a Korean company in 1988, and its accumulated investment in Korea amounts to USD 485 million. It currently runs a total of 11 business sites in Korea.
Upon making the $56 million investment decision in August 2022, the company launched the construction of the production facility in the Daegu National Industrial Complex for manufacturing future mobility core parts like sensors and image-recognition cameras of autonomous vehicles. The investment is anticipated to strengthen Valeo’s supply chain for future mobility transition and contribute to the local economy by generating an estimated 110 new job openings and KRW 200 billion in annual sales of future mobility.
Since taking office, Korea’s current administration has focused on nurturing the world’s top investment environment for domestic and overseas companies by increasing investment tax credit, strengthening incentives for advanced industry sectors, and taking deregulatory measures. As part of these efforts, the budget for foreign investment cash grants has spiked from the previous 50 billion won (2023) to 200 billion won (2024).