Five foreign firms to invest $940M in Korea's tech sectors

Prime Minister Han Duck-soo, left, speaks with Busan Mayor Park Heong-joon at an investment fair in Busan on Nov. 7. [YONHAP]

Five foreign companies have decided to invest a combined $940 million into Korea's advanced technology sectors, Seoul's industry ministry said Tuesday.

The decision by five companies, including Japan's TOK Advanced Materials Co. and the local unit of Renault S.A., was made at an investment fair for foreign firms, the Ministry of Trade, Industry and Energy said in a statement.

“The latest foreign investment will accelerate Korea's transition to a greener industrial structure, creating opportunities for the country to significantly advance its cutting-edge technologies,” Prime Minister Han Duck-soo told the fair held in the southern port city of Busan.

During the fair, Thailand-based B.Grimm Power and Spain's Ocean Winds announced a project to establish offshore wind power facilities, which are expected to help Korea expand its use of renewable energy sources.

Renault Korea Motors, the Korean unit of Renault S.A., vowed to transform its existing production lines to manufacture eco-friendly cars.

U.S.-based real estate developer Hines submitted its plan to establish a research and development center for quantum computing technologies in the port city as well, the ministry said.

TOK Advanced Materials Co. aims to establish a new photoresist production line for semiconductor manufacturing. The project is expected to expand bilateral ties in the supply chain between the two countries, the ministry added.

The ministry, meanwhile, did not disclose the specific amounts for each project.

Yonhap