Yoon's Sales Diplomacy... Vestas, the No.1 Wind Turbine Company, Invests $300 Million

Asia-Pacific Headquarters Relocation to Han... New Manufacturing Hub, Key Base

[Davos=Asia Economy Reporter Baek Kyunghwan] Vestas, the world's No. 1 wind turbine manufacturer from Denmark, is set to invest $300 million (approximately 370 billion KRW) in South Korea. The main plan is to relocate Vestas' Asia-Pacific regional headquarters to Korea, making it a key hub for the Asia-Pacific region.

According to the presidential office on the 18th (local time), at an investment declaration ceremony held at a hotel in Davos, Switzerland, attended by President Yoon, Vestas confirmed its $300 million investment in Korea.

President Yoon Suk-yeol, who is visiting Switzerland to attend the Davos Forum, is conversing with Patrick Gelsinger, CEO of Intel, at a "Lunch with Global CEOs" held at a hotel in downtown Davos on the 18th (local time). On the left is Arvind Krishna, CEO of IBM.
[Photo by Yonhap News]

The plan is to establish a large-scale turbine component manufacturing plant in Korea to produce core wind turbine equipment domestically and export it to the Asia-Pacific region. On the day, Henrik Andersen, CEO of Vestas, personally reported the investment scale to Lee Chang-yang, Minister of Trade, Industry and Energy.

President Yoon said in his opening remarks at the investment declaration ceremony, "In the meeting with Danish Prime Minister Frederiksen last June, we agreed to expand mutual investments in the offshore wind power sector, and I am pleased that this valuable outcome has been achieved," according to the presidential office. He added, "Through Vestas' investment and the relocation of its Asia-Pacific headquarters, Korea is poised to become a manufacturing hub for wind power in the Asia-Pacific region and has discovered a new export engine, which is of great significance."

Meanwhile, regarding this investment declaration, the Ministry of Trade, Industry and Energy stated, "This is an important case demonstrating that Korea is recognized as an investment hub by global companies," and added, "The government will closely consult with Vestas going forward to continuously support Vestas in successfully implementing its investment and contributing to the development of the domestic industry."

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