ID :
56694
Tue, 04/21/2009 - 17:17
Auther :
Shortlink :
https://www.oananews.org//node/56694
The shortlink copeid
S. Korea wins US$200 mln in investment deals at Hanover Fair
(ATTN: RESTRUCTURES in paras 9-10; ADDS with new information from para 11)
SEOUL, April 21 (Yonhap) -- South Korea has signed US$200 million worth of new
business tie-ups with European companies that may help attract more foreign
investment that is crucial for economic growth, the government said Tuesday.
The Ministry of Knowledge Economy said four memorandums of understanding (MOUs)
were reached at the Hanover Fair in Germany, which could lead to the building of
factories for wind power generators, solar panels and rechargeable batteries.
Of the total, $170 million will go into the 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
know-how in the next-generation energy and industrial sectors, as well as 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 until 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
spend $50 million to build a manufacturing facility for turbine towers in the
country.
It also said SSF of Austria plans to inject $120 million to build solar power
cell module plants and a research and development center in South Korea, with
Gudel of Switzerland to build a robot manufacturing line worth $10 million in 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 claimed there has been steady overseas interest in South Korea's
reusable energy sector, which could significantly benefit the local economy and
lead to more job creation.
Seoul originally planned to attract $12.5 billion in FDI this year, up 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.
In addition to the investment deals, Knowledge Economy Minister Lee Youn-ho held
talks with German officials at the Hanover Fair and agreed to expand the two
countries' cooperation in research and development.
Seoul has expressed a desire to take part in the EUREKA and Framework programs
being pursued by the EU, and wants to merge Germany's prowess in basic
technology with South Korea's ability to apply technology to make commercially
viable products.
yonngong@yna.co.kr
(END)
SEOUL, April 21 (Yonhap) -- South Korea has signed US$200 million worth of new
business tie-ups with European companies that may help attract more foreign
investment that is crucial for economic growth, the government said Tuesday.
The Ministry of Knowledge Economy said four memorandums of understanding (MOUs)
were reached at the Hanover Fair in Germany, which could lead to the building of
factories for wind power generators, solar panels and rechargeable batteries.
Of the total, $170 million will go into the 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
know-how in the next-generation energy and industrial sectors, as well as 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 until 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
spend $50 million to build a manufacturing facility for turbine towers in the
country.
It also said SSF of Austria plans to inject $120 million to build solar power
cell module plants and a research and development center in South Korea, with
Gudel of Switzerland to build a robot manufacturing line worth $10 million in 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 claimed there has been steady overseas interest in South Korea's
reusable energy sector, which could significantly benefit the local economy and
lead to more job creation.
Seoul originally planned to attract $12.5 billion in FDI this year, up 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.
In addition to the investment deals, Knowledge Economy Minister Lee Youn-ho held
talks with German officials at the Hanover Fair and agreed to expand the two
countries' cooperation in research and development.
Seoul has expressed a desire to take part in the EUREKA and Framework programs
being pursued by the EU, and wants to merge Germany's prowess in basic
technology with South Korea's ability to apply technology to make commercially
viable products.
yonngong@yna.co.kr
(END)
