Global Wind Turbine and Bio Companies Invest $800 Million in Korea

[Asia Economy Sejong=Reporter Dongwoo Lee] Our government has attracted investments worth 800 million dollars from global companies in future industries such as renewable energy and bio.

The Ministry of Trade, Industry and Energy announced on the 19th that at the investment declaration ceremony held in Davos, Switzerland, attended by President Yoon Suk-yeol, it achieved a total investment attraction of 800 million dollars from Denmark's Vestas, the world's No. 1 wind turbine manufacturer, Germany's advanced science and technology company Merck Life Science, and Swiss pharmaceutical company Novartis.

The ministry expects that this achievement will contribute to expanding exports and creating jobs in future industries such as carbon neutrality and bio, as well as transferring advanced technology domestically.

At the investment declaration ceremony, Vestas declared an investment of 300 million dollars. Vestas plans to establish a large-scale production plant for core facilities and parts of wind turbines in Korea to export to the Asia-Pacific region. It is also considering relocating its Asia-Pacific regional headquarters to Korea.

Vestas is a global wind turbine company supplying more than 160GW (gigawatts) of wind turbines worldwide, and the Ministry of Trade, Industry and Energy expects the investment to greatly contribute to Korea's leap as a wind power hub in the Asia-Pacific region.

Minister of Trade, Industry and Energy Lee Chang-yang stated, "This investment is significant as it is an important investment that can maximize synergy with global renewable energy companies in the wind power market with great potential."

Following this, in a one-on-one meeting with the minister, key executives of Merck Life Science and Novartis discussed investment cooperation plans with Korea. Matthias Heinzel, CEO of Merck Life Science, shared investment achievements in Korea and future cooperation plans, and mentioned that they are reviewing investment in a new bio raw material production plant.

Marie-France Tschudin, President of International Innovative Medicines and Chief Marketing Officer of Novartis, requested the Korean government for cross-ministerial cooperation to strengthen investment in the biotechnology sector and improve patient access to innovative medicines.

Meanwhile, Minister Lee Chang-yang strengthened cooperation in nuclear power exports, energy, and new industry sectors through bilateral meetings with minister-level officials from Poland, the Czech Republic, Qatar, and others on the occasion of the Davos Forum.

[Image source=Yonhap News]

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