Korea attracts 850 billion won investment in advanced tech, energy from U.S.

The Ministry of Trade, Industry and Energy announced that On Semiconductor, Corning and Pacifico Energy will invest in their Korean enterprises.

Korea's Industry Minister Ahn Duk-geun at a networking event in Washington D.C. on Tuesday [MINISTRY OF TRADE, INDUSTRY AND ENERGY]

Korea has attracted 850 billion won ($611.5 million) from three U.S. companies in advanced technology and energy businesses. The breakdown of the investment for each company hasn't been revealed.

The Ministry of Trade, Industry and Energy announced Wednesday that On Semiconductor, Corning and Pacifico Energy have reported investments to Korea during Trade Minister Ahn Duk-geun's visit to the country.

On Semiconductor is an Arizona-based power semiconductor company that built manufacturing facilities dedicated to silicon carbide (SiC) chips in Bucheon, Gyeonggi, in October 2023. The latest investment will be committed to an expansion of the facilities, the Industry Ministry said.

Silicon carbide is an alternative to silicon known to be more durable at high temperatures and in high-electricity environments that is often used in electric vehicles. On Semiconductor was the second-biggest SiC power chip producer last year, accounting for 23.6 percent of the global market, according to TrendForce data.

Corning, a glass substrate maker known in Korea as a longtime supplier to Samsung Electronics, is planning to upgrade the manufacturing facilities at its Asan plant in South Chungcheong, where it also runs an R&D center. Corning has invested 13 trillion won in Korea over the past 50 years.

Pacifico Energy, a California-based energy company, is pushing for a 3.2-gigawatt offshore wind power plant project in Jindo, South Jeolla. "As the first case of a U.S. energy company involved in an offshore wind power plant project in Korea, its success will become a symbol of cooperation between the United States and Korea in the field of clean energy," the ministry said.

"Through today's investment declaration ceremony, we can reconfirm trust from global companies in Korea's growth potential in advanced industries and energy," Industry Minister Ahn said.

"We will offer full-fledged follow-up support so that this round of investment can lead to cooperation between Korean and the United States in the supply chain of advanced industry and fortified energy security."

BY JIN EUN-SOO [jin.eunsoo@joongang.co.kr]