Six U.S. advanced technology firms on Tuesday announced plans to invest a combined US$1.9 billion in South Korea in the areas of hydrogen fuel, semiconductors and environment-friendly facilities, South Korea's presidential office said.
The announcement came during an investment ceremony attended by President Yoon Suk Yeol during his ongoing state visit to the United States.
The six companies are Air Products and Plug Power from the hydrogen fuel sector; onsemi and Greene Tweed from the semiconductor sector; and PureCycle Technologies and EMP Belstar from the environment-friendly business, the presidential office said in a press release.
Yoon thanked the CEOs of the six firms for their investment decisions and expressed the South Korean government's commitment to supporting investments in advanced technology.
The companies plan to build production facilities in South Korea, which will help strengthen the two countries' cooperation on supply chains and advanced technologies and contribute to the transition to an environment-friendly energy and industrial structure, the presidential office said.
The announcement came a day after U.S. streaming service Netflix unveiled plans to invest $2.5 billion in South Korea over the next four years to produce Korean TV series, movies and scripted shows.
Later Tuesday, Yoon attended a business roundtable involving companies from both countries, including Samsung, SK, Hyundai, Qualcomm, Lam Research and Boeing, to discuss cooperation in future advanced industries such as semiconductors, electric vehicles, batteries, artificial intelligence and bio.
The roundtable was also attended by South Korean Finance Minister Choo Kyung-ho, Industry Minister Lee Chang-yang and U.S. Commerce Secretary Gina Raimondo.
Source: Yonhap News Agency