4 US firms to invest $2b in South Korea, deepening supply chain ties

Four US companies in the semiconductor, advanced materials and clean energy sectors will make a combined $2 billion in foreign direct investment in South Korea.

The commitments signal deepening cooperation between the two countries on advanced industry supply chains, even amid mounting economic and trade uncertainty driven by global supply chain realignments.

The Ministry of Trade, Industry and Energy said Friday it secured the $2 billion in investment pledges at an FDI signing ceremony and roundtable held Thursday (local time) in Washington, D.C., jointly organized with the Korea Trade-Investment Promotion Agency.

Air Products, a global leader in industrial gases, will expand its semiconductor gas supply facility in Pyeongtaek, Gyeonggi Province — the largest investment the company has made in South Korea since entering the market. The project will also include construction of rare gas equipment for advanced semiconductor fabrication processes.

Axcelis Technologies, which manufactures ion implantation equipment used in key semiconductor manufacturing processes, will expand its South Korean factory to strengthen its role as an export hub targeting the Asia-Pacific region.

Corning, which specializes in specialty glass for displays and other advanced materials, plans to bolster its manufacturing capabilities and accelerate the introduction of facilities for advanced materials used in next-generation mobile devices and semiconductors.

Renewable energy company Pacifico Energy will move forward with a project to build a 3.2 GW offshore wind farm in the South Jeolla Province and Gwangju area.

Minister of Trade, Industry and Energy Kim Jung-kwan listened to the concerns of the four companies and said the government would "actively support Korea in becoming an attractive investment destination that takes your businesses to the next level and a gateway to global markets."

Earlier, on Tuesday, the ministry hosted a forum in San Francisco connecting eight South Korean startups with global investors based in the United States, continuing efforts to foster innovation and investment ecosystem exchanges between the two countries.