3 US and Dutch Companies Invest $130 Million in Asan, Chungnam

Yang Seung-jo, Governor of Chungcheongnam-do, is taking a commemorative photo after signing an investment agreement with the CEOs of three companies, including Air Products from the United States, at the Chungcheongnam-do Provincial Office on the 27th. Photo by Chungcheongnam-do

[Asia Economy (Daejeon) Reporter Jeong Il-woong] Three global foreign-invested companies from the United States, the Netherlands, and other countries will invest $130 million in Asan, Chungnam.

On the 27th, Chungnam Governor Yang Seung-jo, Asan Mayor Oh Se-hyun, and CEOs of the three foreign-invested companies gathered to sign an investment agreement on this matter, the province announced.

The companies participating in the agreement are Air Products from the United States, YK Corporation, and Vimbo QSR from the Netherlands.

According to the agreement, these companies will invest $113.6 million over the next five years to build new factories and expand existing ones in Asan Tangjeong Display City, Inju Foreign Investment Zone, and Yeongin Agricultural and Industrial Complex.

First, Air Products Korea will invest $100 million in Tangjeong, Asan, to additionally expand industrial gas production facilities and factories essential for semiconductor and display production.

This company, recognized as a global industrial gas manufacturer, had already signed a $30 million investment agreement in Cheonan last April. It currently operates three sites in Cheonan, Asan Tangjeong, and Baebang.

Vimbo QSR Korea, a world-renowned bakery manufacturer, will invest an additional $6.6 million in Yeongin Agricultural and Industrial Complex, Asan, to expand production facilities for hamburger buns and other products.

YK Korea, a manufacturer of nonwoven fabrics for automotive interiors and eco-friendly extrusion sheets, plans to invest $7 million in the Inju Foreign Investment Zone to expand factories and facilities producing automotive and industrial/health air filters and masks.

The province expects that these investments will create 120 new jobs.

Chungnam Governor Yang Seung-jo said, “We will closely cooperate with Asan City to support the foreign-invested companies that signed the agreement so that they can successfully complete their planned investments.”