South Korea has secured about one-point-five trillion won in investment commitments from four U.S. companies on the occasion of President Yoon Suk Yeol's trip to the U.S. for the Asia-Pacific Economic Cooperation Summit.
The Ministry of Industry, Trade and Energy said on Sunday that GM, DuPont, IMC and Ecolab have committed to one-point-16 billion dollars in investments, which are expected to lead to an annual export expansion and import substitution effect of over four-point-five trillion won.
The ministry did not disclose the precise amounts by each company.
Trade minister Bang Moon-kyu said that the commitments will greatly contribute to strengthening the Korea-U.S. alliance in the high-tech industry and stabilizing the supply chain for the country’s semiconductor industry.
The minister vowed continued efforts to reform regulations and improve the investment environment, adding that such efforts by the government have been proven to attract global companies with GM’s pledge.
The ministry said DuPont has decided to invest more than 200 billion won in South Korea to expand its semiconductor material and component production facilities as well as its research and development center, creating over 100 new jobs.
IMC plans to invest in production facilities for tungsten oxide used in semiconductor manufacturing, while Ecolab intends to enhance its production facilities for high-purity nanoparticles, essential for the production of CMP slurry used in semiconductor manufacturing.