SEOUL: Two major British companies have announced plans to invest a combined $1.16 billion in South Korea, focusing on the expansion of bilateral ties in the renewable energy sector.
According to Yonhap News Agency, Industry and Energy, Corio Generation, which is currently developing eight offshore wind power complexes in South Korea with a capacity of 2.9 gigawatts, aims to expedite its projects through this investment. In addition, British oil giant BP has disclosed its intention to invest in an offshore wind power complex in South Korea's southern coastal region and continue expanding its investments in the country's renewable energy industry.
The industry ministry expects this investment package to stimulate local demand for tower structures, turbines, and power cables, thereby revitalizing the regional economy and fostering job creation. The ministry, however, did not specify the investment amount from each company.
Industry Minister Bang Moon-kyu commented that this investment signifies a strengthening of cooperation in carbon-free energy with Britain, a leader in the carbon neutrality sector. The announcements were made in conjunction with President Yoon Suk Yeol's state visit to Britain, which began Monday (local time).