The Ministry of Trade, Industry and Energy announced that six U.S. companies attended the meeting held at the U.S. Chamber of Commerce and Industry on April 25 (local time). The companies decided to invest worth $1.9 billionand report it to the Korean government.
The investment was significantly increased from the $1.15 billion which was reported at the roundtable held last September. It is meaningful that the two countries strengthen strategic economic and technological partnerships and cooperate more closely in supply chain and economic security.
The main contents of this investment report are to build clean hydrogen, semiconductor and semiconductor equipment parts,waste plastic recycling facilities and eco-friendly ultra-low temperature logistics network facilities in Koreain the fields of Air Products (Plug Power), On Semiconductor (Greene Tweed), and EMP Belstar, respectively.
① Air Products' Green Ammonia-Green Hydrogen Terminal and Cracking production facilities, ②Plug Power's hydrogen technology R&D center, and hydrogen fuel cells are expected to contribute to the commercialization of clean hydrogen in Korea greatly.
③ On Semiconductor's silicon carbidesemiconductor production facility and④Greene Tweed's special O-ring production facility for semiconductor equipment are expected to have a positive effect on strengthening the supply chain and technology cooperation between South Korea and the U.S. in the semiconductor sector, which is the core of economic security.
⑤PureCycle Technologies' waste plastic recycling facility and ⑥ EMP Belstar's eco-friendly ultra-low temperature distribution center are expected to play a major role in transforming the domestic industrial structure to achieve carbon neutrality.
Minister Lee Chang-yang praised the investment report, saying that the Korea-U.S. allianceisdeveloping into an investment alliance beyond a military and security alliance.
The Ministry of Industry said they will actively support the successful implementation of this investment while continuing to improve the foreign investment environment by strengthening investment incentives for high-tech industries and innovating regulations that are discriminatory or do not meet global standards.