At an investment fair in the southern port city of Busan on Tuesday, five foreign companies announced their plans to invest a combined US$940 million into South Korea’s advanced technology sectors, according to the Ministry of Trade, Industry and Energy.
Prime Minister Han Duck-soo addressed the fair, noting that the foreign investment would facilitate the country’s transition to a more eco-friendly industrial structure and provide opportunities to advance cutting-edge technologies.
Among the five companies, Thailand-based B.Grimm Power and Spain’s Ocean Winds plan to construct offshore wind power facilities to expand South Korea’s use of renewable energy sources. Renault Korea Motors, the South Korean unit of Renault S.A., declared its intention to convert its production lines to manufacture green cars. U.S.-based real estate developer Hines intends to build a research and development center for quantum computing technologies in Busan. Lastly, Japan’s TOK Advanced Materials Co. will set up a photoresist production line for semiconductor manufacturing, which could help strengthen the supply chain between the two countries.
The Ministry of Trade, Industry and Energy did not disclose the exact amounts for each project.
Prime Minister Han Duck-soo (L) speaks with Busan Mayor Park Heong-joon (R) at an investment fair in Busan, 320 kilometers southeast of Seoul, on Nov. 7, 2023. (Yonhap)
colin@yna.co.kr
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