US companies announce $2 billion investment in South Korea’s chip and energy sectors
Four US companies have announced plans to collectively invest $2 billion in South Korea’s semiconductors, advanced materials and energy sectors. This was reported by the country’s Ministry of Industry, MyJoyOnline reports, citing Reuters.
Announcement in Washington
The investment plans were announced during a ceremony in Washington attended on Thursday by South Korean Industry Minister Kim Jung-kwan. This was stated in a ministry release.
Industrial gas supplier Air Products plans to expand facilities in Pyeongtaek for producing semiconductor gases and rare gases. Chip equipment maker Axcelis intends to increase production of ion implantation systems in South Korea.
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Materials and wind energy
Corning will invest in advanced glass and other materials used in displays and semiconductors. Renewable energy project developer Pacifico Energy will advance a 3.2 GW offshore wind power project in the southwest of the country.
According to the ministry, the region is expected to see the creation of a new chip manufacturing cluster.
