A group of European companies vowed to invest 1.2 trillion won (US$928 million) in South Korea in batteries, future cars and other cutting-edge industries, the industry ministry said Wednesday.
Six European companies made the announcement during a signing ceremony in Paris on the margins of President Yoon Suk Yeol's visit, according to the Ministry of Trade, Industry and Energy.
Under the agreements, Imerys S.A., a French industrial material supplier, will build a production line for carbon black, which is used in the production of rechargeable batteries, in South Korea.
The Belgium-based Umicore will launch a cathode material production line, as well as a research and development center, in South Korea.
The list of companies included Continental, which plans to build a state-of-the-art auto parts line in the country, the ministry added.
"The agreements will not only enhance the supply chain in cutting-edge industries across South Korea and Europe but also foster stronger collaborations between them, enabling effective joint efforts to tackle climate change," the industry ministry said in a statement.
South Korea will spare no efforts to thoroughly carry out follow-up measures for the investment projects and continue to revamp its regulations while offering more incentives to cultivate business-friendly environments, it added.
Yoon was visiting France to attend a general assembly of the Bureau International des Expositions, the international body in charge of overseeing the World Expo, to promote South Korea's bid to host the 2030 World Expo in its southeastern port city of Busan.
Source: Yonhap News Agency