Five energy and automobile companies from Thailand, Spain and France submitted investment applications to the Ministry of Trade, Industry and Energy on Tuesday, pledging to invest a total of $940 million in South Korea.
Five companies will invest in South Korea in four different areas. Two energy companies, Bangkok-based B.Grimm and Madrid-based Ocean Winds, will develop offshore wind farms. Houston-based real estate developer Hines is working on developing quantum computing infrastructure. Renault Korea Motors is responsible for producing hybrid cars, while TOK Advanced Materials, a joint venture between Japanese chemical suppliers Tokyo Ohka Kogyo and Samsung Bussan, is responsible for semiconductor materials.
B. Grimm and Ocean Winds plan to establish an offshore wind turbine facility and factory to produce related key components in Japan.
Hines will open a complex dedicated to quantum computing in Busan.
Based on this investment plan, Renault Korea will convert its existing internal combustion engine vehicle production line to hybrid vehicle production lines.
TOK Advanced Materials will build a factory to produce photoresists used in chip manufacturing to strengthen the supply value chain between Korea and Japan.
In his congratulatory speech at the Invest KOREA conference, Prime Minister Han Deok-soo said, “FDI is an opportunity to accelerate the transition of Korean industry to a sustainable industry and strengthen high-tech sectors such as semiconductors, mobility, biohealth, and AI. Probably.” It was held on Tuesday at Bexco.
Mr. Han has promised to ease regulations and give more incentives to foreign investors to create a more attractive market environment.
“We define [restricitve regulatory measures] “We are working to provide more dramatic incentives, such as tax credits, to foreign companies in South Korea as ‘killer regulations,'” Han said.
Kim Jong-seok, chairman of the Presidential Regulatory Reform Commission, promised to give local governments more autonomy to promote balanced regional development and investment and ease regulations on small and medium-sized businesses.
The announcement was made during the 2023 Invest KOREA Summit, hosted by the Ministry of Trade and sponsored by Invest KOREA, an affiliate of the Korea Trade and Investment Promotion Agency.
The event was held in Busan for the first time this year since it was established in 2006 at the suggestion of Busan Mayor Park Hong-jun to promote the southern port city’s bid to host the 2030 World Expo.
Written by Lee Jae Rim [lee.jaelim@joongang.co.kr]