Foreign Investment in Chungnam Nears $4 Billion Under Eighth Administration
Air Liquide and Umicore to Expand Facilities in Cheonan
Chungnam Province has attracted a total of $60 million (approximately 83 billion KRW) in foreign investment from two global advanced materials companies, bringing the total foreign investment attracted during the 8th popularly elected administration to the verge of surpassing $4 billion.
The provincial government announced on July 25 that, on July 24 (local time) in Paris, France, Governor Kim Tae-heum, during his business trip to Europe, signed consecutive memorandums of understanding (MOUs) for investment with Air Liquide, a global specialty gas company, and Umicore, a company specializing in secondary battery cathode materials.
The two companies plan to invest a total of $60 million to expand production facilities within the industrial complex in Cheonan. This is expected to generate various economic ripple effects, including job creation in the region, increased exports, and the strengthening of the advanced industrial ecosystem.
This foreign investment attraction is a major achievement of Governor Kim's European business trip, which he proceeded with despite the ongoing recovery from heavy rain damage.
Governor Kim stated, "During my first overseas business trip in 2022, I discussed the establishment of an Air Liquide specialty gas plant in Cheonan, and the plant was completed last month," adding, "This expansion is the result of mutual trust and commitment."
He continued, "I am grateful that Umicore chose Cheonan, Korea instead of North America, despite tariff barriers in the United States," and emphasized, "Chungnam will further grow as a key hub for global battery and semiconductor companies."
He added, "Chungnam will continue to do its utmost to become the best partner for these companies, based on even deeper trust."
With this, the cumulative foreign investment attracted by Chungnam Province during the 8th popularly elected administration has reached a total of $3.9762 billion. Including domestic investment attraction (30.4053 trillion KRW), the total investment performance amounts to 35.7724 trillion KRW.
Air Liquide has contributed to the development of the regional industry through continuous facility expansion since establishing its first plant in Cheonan in 1998, while Umicore, since entering Cheonan in 1999, is currently operating three plants and an R&D center.
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