US Power Semiconductor and Advanced Materials Companies to Invest in Korea... '850 Billion KRW Scale'

Confirmed Investment by Three US Companies on the Occasion of the 1st Korea-US-Japan Industry Ministers' Meeting

An American power semiconductor and advanced materials company has confirmed an investment of 850 billion KRW (610 million USD) in South Korea.

On the 26th (local time), the Ministry of Trade, Industry and Energy announced that during Minister Andeok Geun's visit to the U.S., three American companies?Onsemi, Corning, and Pacifico Energy?confirmed and reported their investments in South Korea in Washington D.C.

Onsemi, the world's second-largest power semiconductor company, completed a dedicated silicon carbide (SiC) power semiconductor factory at its Bucheon plant last October. Through this investment, it plans to expand its production facilities.

An official from the Ministry of Trade, Industry and Energy explained, "SiC is a next-generation material with superior durability against high temperature and high voltage and excellent power efficiency compared to conventional silicon products, which is a field where Onsemi has strengths. Onsemi, which counts global automakers as major customers, has designated its existing Bucheon plant as a manufacturing hub for SiC power semiconductors and has been making large-scale investments since 2022."

Corning is a global innovative company in advanced materials, including specialty glass and ceramics applied to displays and mobile devices, as well as optical cables. To apply next-generation process technology, Corning plans to invest in upgrading production facilities at its Corning Precision Materials plant located in Asan, Chungnam. Over the past 50 years, Corning has invested more than 13 trillion KRW in South Korea, contributing to the national economy and local community development. Going forward, it plans to continue efforts in technological innovation across various fields such as displays, mobile, semiconductors, automobiles, biotechnology, and optical communications in Korea.

Pacifico Energy, headquartered in California, USA, operates solar and wind power businesses in the U.S., Japan, and Vietnam. In South Korea, it is promoting a project to build a large-scale offshore wind power complex with a total capacity of 3.2 GW in the Jindo area of Jeonnam. This is the first case of a U.S. energy company entering the domestic offshore wind power sector, and the Ministry of Trade, Industry and Energy expects it to become a symbol of Korea-U.S. clean energy cooperation upon successful investment implementation.

Minister Andeok Geun said, "Through today's investment reporting ceremony, we were able to confirm the unwavering trust of global companies in the growth potential of Korea's advanced industries and energy sectors. We will spare no effort in follow-up support to ensure that this investment leads to Korea-U.S. advanced industry supply chain cooperation and strengthened energy security."