ID :
56537
Tue, 04/21/2009 - 08:16
Auther :
Shortlink :
https://www.oananews.org//node/56537
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S. Korea wins US$200 mln investment deals at Hanover Fair
SEOUL, April 21 (Yonhap) -- South Korea has signed US$200 million worth of new business tie-up deals with European companies that may help attract more foreign investment crucial for economic growth, the government said Tuesday.
The Ministry of Knowledge Economy said four memorandum of understandings (MOUs)
were reached at the Hanover Fair, in Germany that can lead to the building of
factories for wind power generators, solar panels and rechargeable batteries.
Of the total, $170 million will go into construction of reusable energy
facilities, with $30 million to be set aside to manufacture robots and advanced
battery cells.
"The investment deals can help the country acquire the latest technology and
knowhow in next generation and energy and industrial sectors, and fuel more
foreign investment interest in Europe for South Korea," said Jeang Dae-jin, head
of the ministry's foreign investment division.
Foreign direct investment (FDI) from the European Union reached $51.68 billion
from 1962 to the first quarter of this year, making the economic bloc the largest
source of investment for the country. The total exceeds the $40.68 billion
reached by the United States and $22.61 billion for Japan.
The ministry in charge of industrial policies and investment promotion said
Denmark's Vestas -- the world's largest wind power generator company -- will
invest $50 million to build a manufacturing facility for so-called turbine towers
in the country.
It also said SSF of Austria plans to inject $120 million to build solar power
cell module plants and research and development center in South Korea, with Gudel
of Switzerland to build a robot manufacturing line worth $10 million at the
Incheon Free Economic Zone west of Seoul.
Solvay of Germany said it will set up a rechargeable lithium ion battery plant in
the industrial city of Ulsan.
The ministry, meanwhile, claimed there has been a steady overseas interest in
South Korea's reusable energy sector which could significantly benefit the local
economy and lead to more jobs.
Seoul, had originally planned to attract $12.5 billion in FDI this year from
$11.7 billion in 2008, but the global economic crisis has caused inbound
investment to drop 38.2 percent on-year in the first quarter to $1.67 billion.
The Ministry of Knowledge Economy said four memorandum of understandings (MOUs)
were reached at the Hanover Fair, in Germany that can lead to the building of
factories for wind power generators, solar panels and rechargeable batteries.
Of the total, $170 million will go into construction of reusable energy
facilities, with $30 million to be set aside to manufacture robots and advanced
battery cells.
"The investment deals can help the country acquire the latest technology and
knowhow in next generation and energy and industrial sectors, and fuel more
foreign investment interest in Europe for South Korea," said Jeang Dae-jin, head
of the ministry's foreign investment division.
Foreign direct investment (FDI) from the European Union reached $51.68 billion
from 1962 to the first quarter of this year, making the economic bloc the largest
source of investment for the country. The total exceeds the $40.68 billion
reached by the United States and $22.61 billion for Japan.
The ministry in charge of industrial policies and investment promotion said
Denmark's Vestas -- the world's largest wind power generator company -- will
invest $50 million to build a manufacturing facility for so-called turbine towers
in the country.
It also said SSF of Austria plans to inject $120 million to build solar power
cell module plants and research and development center in South Korea, with Gudel
of Switzerland to build a robot manufacturing line worth $10 million at the
Incheon Free Economic Zone west of Seoul.
Solvay of Germany said it will set up a rechargeable lithium ion battery plant in
the industrial city of Ulsan.
The ministry, meanwhile, claimed there has been a steady overseas interest in
South Korea's reusable energy sector which could significantly benefit the local
economy and lead to more jobs.
Seoul, had originally planned to attract $12.5 billion in FDI this year from
$11.7 billion in 2008, but the global economic crisis has caused inbound
investment to drop 38.2 percent on-year in the first quarter to $1.67 billion.
