Gyeonggi Province Governor Kim Dong-yeon visited Onsemi Korea, a global semiconductor company located in Bucheon City, on the 9th to discuss cooperation measures for creating a stable investment environment and to encourage investment expansion.
Governor Kim met with Kang Byung-gon, CEO of Onsemi Korea in Bucheon, and diagnosed, "Currently, Korea is experiencing two economic shocks simultaneously. One is the 'Trump shock,' referring to the major international economic transition triggered by the inauguration of the Trump administration, and the other is the 'Yoon Seok-yeol shock."
He continued, "Due to these two shocks, overseas investors inevitably became concerned. However, I sent letters to over 2,500 global economic and political leaders with whom I have interacted, reassuring them not to worry. I explained that the current Korean economy was built by overcoming crises amid difficulties and that uncertainties will be removed quickly to show resilience again."
He emphasized, "There should be no distinction between conservative and progressive when it comes to economic activities. Proper progressivism respects the market economy and supports companies to operate fully. However, issues of unfairness in market processes and inequality resulting from market outcomes must be addressed through policy."
He added, "Many are so fixated on the current political situation that they fail to see the bigger picture. Our politics need to pay attention to how the economy operates and global trends. I hope uncertainties will be removed quickly, and that our economy and the newly formed government will perform well. I will also do my best," he promised.
Kim Dong-yeon, Governor of Gyeonggi Province (second from the left), is visiting Onsemi Korea in Bucheon on the 9th and talking with company officials. Photo by Gyeonggi Province
This visit is a follow-up to a recent foreign-invested companies meeting held by Gyeonggi Province, aiming to expand cooperation in the advanced industry sector and strengthen on-site communication.
Onsemi acquired the successor company of Korea Semiconductor, founded in Bucheon in 1974, in 2016, thus sharing the history of Korean semiconductors. In October 2023, Onsemi completed a state-of-the-art research and manufacturing facility for next-generation non-memory power semiconductors in Bucheon. This facility, capable of producing over one million 200mm SiC wafers annually, is the world's largest cutting-edge facility and is expected to become a strategic hub that further solidifies Onsemi's leading position in the industry. Onsemi plans to invest 1.4 trillion KRW in Bucheon by 2025.
During his visit to the United States last year, Governor Kim met with Onsemi Chairman Hassane El-Khoury, Chief Operating Officer Wang Weicheng, and CEO Kang Byung-gon at Onsemi’s headquarters in Scottsdale, Phoenix, to discuss mutual cooperation with Gyeonggi Province’s small and medium-sized enterprises and additional investments.
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