KOTRA "Attracting Investment from 6 European Companies... Expecting Strengthened Korea-Europe Cooperation"

The Korea Trade-Investment Promotion Agency (KOTRA) announced on the 21st (local time) that six European companies decided to invest a total of $940 million (1.2 trillion KRW) in Korea during President Yoon Seok-yeol's visit to France, and held an investment declaration ceremony.

KOTRA stated that this investment attraction is significant as it strengthens economic cooperation and close collaboration between Korea and European companies in advanced industries such as secondary batteries, future car parts, chemical materials, and renewable energy sectors.

The European companies that decided to invest are six firms: Imerys and Umicore in the secondary battery sector, Continental in the future car sector, Nylacast in advanced materials, and CIP and Equinor in offshore wind power.

France's Imerys, the world's number one company in carbon black for secondary battery anode materials, plans to establish a new production facility in Korea. Belgium's Umicore plans to expand its cathode material production plant and research and development (R&D) center.

Germany's Continental will execute investment to expand its electronic components manufacturing plant, which will play a key role in the future mobility era. The UK’s Nylacast will establish a high-performance polymer production plant for shipbuilding equipment. Global offshore wind companies Denmark's CIP and Norway's Equinor have decided to develop large-scale offshore wind power complexes.

KOTRA exterior view

Yoo Jung-yeol, President of KOTRA, said, “As the global supply chain restructuring accelerates, it is necessary to strengthen cooperation with Europe, a powerhouse in materials, parts, and equipment, to enhance the competitiveness of our advanced industries such as secondary batteries and future cars, and to closely collaborate with European renewable energy companies that possess advanced technologies to respond to the global decarbonization transition.” He added, “We will actively support the Ministry of Trade, Industry and Energy, related local governments, and other parties to ensure the successful execution of each company’s investment.”