SEOUL, KOREA - On the first day of President Park Geun-hye's official visit to the United States, as many as seven American companies pledged investment in Korea totaling US$380 million.
Minister of Trade, Industry, and Energy Yoon Sang-Jick said on May 6 he met leaders of seven U.S. companies including Boeing and Curtiss-Wright Corp. in Manhattan and was given word that they would make investments in Korea.
Minister Yoon said, "In a situation where the Korean risk is high due to the North's nuclear brinkmanship, investment promises of America's major corporations could bolster South Korea's attractiveness as an investment destination."
For example, Boeing has finalized its investment plan to build a $100-million aircraft maintenance center in Yeongcheon, North Gyeongsang Province. Curtiss-Wright Corp. will also invest $30 million to build a production facility to manufacture valves for nuclear reactors.
Almost Heroes LLC, an animation studio, will invest $20 million to move its creative and overseas marketing functions in Korea. In addition, a solar battery and photovoltaic module manufacturer has submitted an intention to invest $120 million while another company will put $70 million in building leisure and tourism facilities in Pyeongchang, the site to play host to the 2018 Winter Olympic Games.
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