▲ (From left) Seong-Hwan Oh, Mayor of Dangjin; Seong-Hyun Hong, Chairman of the Provincial Council; Kyung-Gwi Park, Mayor of Asan; Tae-Heum Kim, Governor of Chungnam Province; Sang-Don Park, Mayor of Cheonan; Seung-Gwan Yang, President of DuPont Specialty Materials Korea (USA); Sang-Yoon Han, CEO of Towa Korea (Japan); Van Hall, President of Corning Precision Materials (USA) and Head of the Korean Region; Yong-Doo Choi, Plant Manager of Webasto Korea Holdings (Germany)

 The South Chungcheong Provincial Government has secured a $200 million investment agreement with four global companies from the United States, Germany, and Japan.
 
This investment is expected to strengthen the supply chains of advanced industries such as semiconductors, displays, and secondary batteries in South Chungcheong and across Korea. It is also anticipated to boost the regional economy by creating new jobs.
 
Governor Kim Tae-heum signed the memorandum of understanding (MOU) on August 19th at the Provincial Government Complex. The signing ceremony was attended by representatives from the investing companies: Yang Seung-kwan, CEO of DuPont Specialty Materials Korea Ltd.; Vaughn Hall, President of Corning Precision Materials (Korea); Han Sang-yoon, CEO of TOWAKOREA; and Choi Yong-du, Plant Manager of Webasto Korea Ltd. Holdings. The mayors of Cheonan, Asan, and Dangjin were also present.
 
Hong Seong-hyeon, Chairman of the Provincial Council, expressed his support for the investment, stating that the council would provide assistance to ensure the companies' success.
 
According to the MOU, these four companies will invest a total of $200 million in Cheonan, Asan, and Dangjin to expand and build new production facilities, and hire a total of 307 employees.
 
First, DuPont Specialty Materials Korea will expand its semiconductor material production and research facilities on a 5,500㎡ site in the Cheonan Foreign Investment Zone to meet the demand for advanced semiconductor processes.
 
DuPont is a company leading innovation in the global electronics, transportation, construction, water resources, healthcare, and industrial safety sectors. It has been operating production facilities in Cheonan, Korea since 1998.
 
Corning, a global innovation company in the field of precision materials, glass, ceramics, and optical physics, is investing in upgrading the production facilities of Corning Precision Materials located in Asan to introduce next-generation process technology required for advanced materials manufacturing.
 
Corning has contributed to the development of the Korean economy and communities through investments totaling over $10 billion in the past 50 years.
 
Moving forward, Corning plans to continue its efforts in Korea to realize next-generation technological innovations in the fields of displays, mobile, automotive, biotechnology, fiber optics, semiconductors, and architectural glass.
 
TOWA KOREA will expand its manufacturing facilities for High-Bandwidth Memory (HBM) molding equipment in Cheonan's 3rd Industrial Complex, covering an area of 16,136 square meters. This is expected to facilitate the establishment of advanced semiconductor material, parts, and equipment companies within the province.
 
TOWA Corporation of Japan is the world's leading manufacturer of semiconductor molding equipment. TOWA KOREA, its Korean subsidiary, was established in 2013 and is currently in operation.
 
Webasto Korea Ltd. is expanding its production capacity by adding to its existing electric vehicle battery pack manufacturing plant in the Songsan Foreign Investment Zone in Dangjin.
Webasto, one of the top 100 global automotive suppliers, operates over 50 branches and 40 production plants worldwide, focusing on the development, manufacturing, and sales of roof systems and vehicle electrification solutions.
 
In Korea, the company operates a roof production plant in Ulsan and battery pack production plants 1 and 2 in Dangjin. The additional expansion will cover an area of 5,397 square meters.
 
The four companies are scheduled to break ground in the second half of the year and begin full-scale production as early as the end of next year.
 
At the signing ceremony, Governor Tae-Heum Kim stated, "With this agreement, we will further enhance the competitiveness of the province's key industries, including semiconductors, displays, and secondary batteries, and strengthen the overall industrial ecosystem. Additionally, within just over two years of the 8th popular election term, we've attracted nearly $3 billion in foreign investment, positioning us to soon become the leading region outside the capital area."
 
He continued, "The four companies had already chosen Chungnam as their investment destination, and with their renewed commitment, we consider them as 'our companies.' We will provide unwavering support, including administrative assistance, to ensure they firmly establish their roots in Chungnam and continue to grow alongside us."
 
As a result of this agreement, the number of domestic and international companies attracted since the launch of the 8th popular election term has increased to 168, with a total investment amount of approximately KRW 19.7288 trillion.
 
 
Competent Department Investment and Trade Policy Division, Foreign Investment Attraction Team
Phone Number 041-635-3356