Chungnam's First Foreign Investment This Year... Three Companies Invest $150 Million

[Asia Economy (Hongseong) Reporter Jeong Il-woong] Chungnam Province has succeeded in attracting $15.7 million in investment from three companies from three countries as its first foreign investment attraction of the year.

On the 24th, the province announced that it signed investment agreements with Air Liquide Solutions Korea, MEMC Korea, and Interpolymer Korea at the Chungnam Provincial Office.

According to the agreement, the three companies will build new and expand existing production plants in the Cheonan and Yesan industrial complexes.

First, Air Liquide Solutions Korea plans to build a semiconductor rare gas production facility on a 13,372㎡ site in the expansion area of the Cheonan 5th General Industrial Complex, which is currently under development. The construction is expected to involve an investment of $40 million.

The company is a subsidiary of Air Liquide, the world's second-largest industrial and medical gas manufacturer based in France. The province and Cheonan City have agreed to support the expansion of the Cheonan 5 Foreign Investment Zone to facilitate the company’s smooth investment.

MEMC Korea will expand its second plant in Seonggeo, Cheonan, and increase its ingot production facilities to meet the growing demand for silicon wafers. The company plans to invest $112 million for this purpose. The additional ingots produced will be entirely exported overseas, including to Japan. MEMC Korea is known as a subsidiary of Taiwan’s GlobalWafers, the world’s third-largest silicon wafer manufacturer.

Interpolymer Korea will invest $5 million over the next five years to increase production facilities and expand storage tanks at its factory in the Yesan Yedang General Industrial Complex. The company was established in 2018 as a joint venture between German specialty chemical manufacturer Zimmer & Schwartz and Kaiel Korea. Based on the expansion in Yesan, it plans to produce water-based eco-friendly paint and coating raw materials to meet domestic and international demand.

The province expects that if the investments by each company proceed as planned, it will generate sales growth of 885 billion KRW, import substitution effects of 352.5 billion KRW, and create 110 new jobs over the next five years.

This content was produced with the assistance of AI translation services.