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Briefing Room

President Yoon lands USD 1.15B in investment, visits Canada


The Ministry of Trade, Industry and Energy on Sept. 23 said global companies have made investment pledges worth a combined USD 1.15 billion (KRW 1.61 trillion) on the occasion of President Yoon Suk Yeol's visit to the U.S..


President Yoon on Sept. 22 attended the North America Investors Roundtable with CEOs of global companies at the hotel JW Marriott Essex House in New York.


Seven corporations -- three in semiconductors, two in electric vehicles and batteries, one in renewable energy and one in distribution -- announced USD 1.15 billion worth of planned investment in Korea to the ministry and plans to hire more than 300 staffs for research and development of cutting-edge technologies and boosting production.


"The new administration is shifting its economic stance toward the private sector and the market while striving to create a business-friendly environment through bold regulatory innovation that enables companies to utilize their capacities," the president said, "We will assume responsibility and provide support to ensure surefire results from investment in Korea."


"Korea has the world's best innovation capacity and the Korean government is focusing on fostering cutting-edge industrial talent, so foreign investors can meet the world's best talent in Korea."


The purpose of the event was to build stable supply chains related to national strategic industries like semiconductors, secondary batteries and bio and expand cooperation between Korea and North America in electric vehicles, carbon neutrality and ICT.


Around 20 figures attended the roundtable including CEOs of foreign investment companies in the related fields, Minister of Trade, Industry and Energy Lee Chang-yang and Korea Trade-Investment Promotion Agency President Yu Jeong-yeol.


Afterwards, President Yoon flew to Toronto, Canada, the final destination of his overseas trip.


After his arrival, he went to the University of Toronto to listen to the advice of globally recognized experts in artificial intelligence on how Korea can make the leap to becoming a digital power and discussed cooperation between Seoul and Ottawa. He later attended a dinner hosted by ethnic Koreans in the Toronto area.


President Yoon on Sept. 23 will visit the Canadian capital to attend a summit with Canadian Prime Minister Justin Trudeau and give a joint news conference.


President Yoon will fly home afterwards.