'First Salesperson' Yoon Secures 1.2 Trillion KRW Investment from EU Companies

6 Companies Including Secondary Batteries and Offshore Wind Power

President Yoon Suk-yeol visited France to attend the World Expo Organization General Assembly, during which six European companies in the advanced industry and renewable energy sectors decided to invest approximately 1.2 trillion won (9.4 billion dollars) in South Korea.

The Ministry of Trade, Industry and Energy announced on the 21st at 11 a.m. (local time) that it held a 'European Companies Investment Declaration Ceremony' in Paris. The ceremony was held with President Yoon in attendance.

Through this investment, European companies in the secondary battery, future car, advanced materials, and offshore wind power sectors will establish production facilities and develop offshore wind power complexes. Minister Lee Chang-yang said during a meeting with the president and company representatives after the investment declaration ceremony, "Korea and various European countries are strengthening a future-oriented industrial cooperation partnership based on large-scale investments in fields such as electric vehicles and secondary batteries," adding, "We hope this investment will also contribute to expanding collaboration with domestic companies and strengthening economic cooperation."

When 'IMERYS' proceeds with its investment plan to build a carbon black production facility for secondary battery conductive additives, it is expected to secure a supply chain for key secondary battery materials and expand cooperation with domestic chemical and battery companies. 'Umicore's investment in establishing an anode material production facility and a research and development (R&D) center is anticipated to advance high-performance secondary battery manufacturing technology and respond to the rapid increase in secondary battery demand due to the spread of electric vehicles.

'Continental's establishment of an advanced electronic components production facility is expected to help strengthen the domestic automotive parts supply chain and support the transition to future vehicles.

'Nylacast' is expected to contribute to innovation in lightweight and high-performance materials for shipbuilding and marine industries by building a high-performance polymer production facility for shipbuilding equipment.

'Equinor' and 'Copenhagen Infrastructure Partners' plan to develop offshore wind power complexes. This is expected to foster the wind power industry ecosystem through the expansion of offshore wind renewable energy distribution in Korea and cooperation with related domestic companies.

An official from the Ministry of Trade, Industry and Energy stated, "We will continue to promote incentives and regulatory innovation to improve the investment environment in Korea and make it the world’s most favorable ‘investment-specialized country.’"

[Image source=Yonhap News]

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