Exxon Mobil to resume investment in S. Korea

By Lee Joon-seung
SEOUL, Oct. 9 (Yonhap) -- A subsidiary of U.S. Exxon Mobil has resumed large scale investment in South Korea in a move that could improve the country's global competitiveness in the rechargable battery sector, the government said Thursday.

The Ministry for Knowledge Economy said Tonen Specialty Separator has started
construction on a lithium battery separator plant in Gumi, North Gyeongsang
Province.
The investment in construction plants for key battery parts used in information
technology products and hybrid cars could total US$350 million by 2014, with $150
million being injected in the form of foreign direct investment (FDI).
Tonen, based in Japan, produces 35 percent of the lithium battery separators in
the world.
The investment plan could result in 250 new jobs for the local economy and help
reduce South Korea's chronic trade deficit with Japan, which will be one of the
main users of the product.
The ministry said the Tonen project is noteworthy since it comes after Exxon sold
most of its assets in South Korea, and may herald a new inflow of investment from
the multi-national corporation.
Seoul is trying to attract further overseas investment to help create more jobs
and fuel its sluggish economy. Last year, the country attracted $10.5 billion in
FDI, down from $11.2 billion in the previous year.
yonngong@yna.co.kr
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