US, Canada firms vow to invest W1.6tr in Korea during Yoon's trip

SEJONG -- North America-based businesses have proposed to invest $1.15 billion (1.62 trillion won) in South Korea's manufacturing sector during President Yoon Suk-yeol’s visit to the US, the Industry Ministry said Friday.

Investment proposals were made at an investors' roundtable held in Manhattan on Thursday, local time, attended by President Yoon and Industry Minister Lee Chang-yang, officials said. Most of the investors were from the fields of semiconductors, electric vehicles, secondary batteries and renewable energy businesses.

Applied Materials expressed its willingness to establish a research and development center for semiconductor equipment in Korea while Dupont and Entegris submitted a proposal to expand their R＆D centers for semiconductor materials.

BorgWarner has decided to expand its R＆D center to develop motors for electric vehicles and hybrid cars. Solid Energy System said it would set up a R＆D center as well for next-generation EV battery.

Renewable energy developer Northland Power submitted a proposal to foster a wind power generation complex in the country's southern coast.

Private equity fund EMP Belstar will move to expand an eco-friendly logistics hub in the local market.

“Projects (submitted as investment proposals) hold significance as they are set to bolster supply chains and push for carbon neutrality,” said Minister Lee, vowing the government's support.

By Kim Yon-se (kys@heraldcorp.com)