The Ministry of Trade, Industry and Energy (MOTIE) held the Invest Korea Summit (IKS) from November 7 to 8 in Busan, where five global companies agreed to invest worth US $940 million (1 trillion won) in Korea.
Thailand’s B.Grimm Power and Spain’s Ocean Winds plan to build offshore wind power farms. B.Grimm Power has also promised to establish a new factory to produce core parts such as wind power turbines. US’s Hines committed to building a quantum computing facility in Busan. France’s Renault plans to convert the production lines for its internal combustion engine vehicles to those for hybrid cars. Japan’s TOK Advanced Materials will construct a production facility for photoresists used in semiconductors.
The commitments are expected to accelerate green industrial transformation and to boost the growth of high-tech industries in Korea. The government plans to push ahead with its efforts to nurture an investor-friendly environment by lifting regulations, taking pre-emptive investments in advanced and new industries, and stabilizing supply chains.