SEOUL– South Korea’s Industry Minister Moon Sung-wook on Tuesday met with CEO of French auto parts maker Valeo Christophe Perillat and held a ceremony to mark the firm’s planned investment of US$35 million in South Korea.
The investment is meant to boost research and development of key parts for future vehicles and to expand its production facilities in South Korea.
“The investment is expected to contribute to the stronger foundation for South Korea’s eco-friendly mobility and other future car sectors,” South Korea’s Ministry of Trade, Industry and Energy said.
Moon, who is in France for a six-day trip, also vowed active backing for Valeo’s smooth operation in the South Korean market, the ministry said.
Later in the day, Moon plans to meet with Laurent Bataille, who leads Schneider Electric, the French multinational company that provides energy and automation digital solutions, and ask for its greater investment in the Korean market, according to the ministry.
Moon is also scheduled to have a meeting with South Korean businesses operating in France.
The companies have said they have experienced difficulties in taxation and other administrative affairs in doing business in France, and the minister has vowed to seek improvement through active consultations with the French government, the ministry said.
During his stay, Moon is set to attend the ministerial meeting of the International Energy Agency on the global energy situation, which is scheduled to be held in Paris from Wednesday through Thursday.
Source: Yonhap News Agency