Four U.S. companies have committed a combined $2 billion in investments in South Korea spanning semiconductors, advanced materials and renewable energy, South Korea's Industry Ministry said on Friday, according to a report by Reuters.
The investment commitments were announced during a ceremony attended by South Korean Industry Minister Kim Jung-kwan in Washington on Thursday, the ministry said in a statement.
Industrial gases supplier Air Products plans to expand facilities producing semiconductor gases and rare gases in Pyeongtaek, while chip equipment maker Axcelis Technologies will increase production of ion implantation systems in South Korea.
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Materials maker Corning will invest in advanced glass and other materials used in display panels and semiconductors, according to the ministry.
Renewable energy developer Pacifico Energy will also advance a 3.2-gigawatt offshore wind project in southwestern South Korea. The project is expected to support the development of a new semiconductor cluster in the region.
The investment commitments come as South Korea seeks to attract greater foreign investment in strategic industries, particularly semiconductors and advanced manufacturing.
Reuters reported that the announcements were made as Seoul and Washington continue to strengthen economic ties and cooperation in key technology and energy sectors.
