South Chungcheong Province has attracted $9 million (some 10 billion won) worth of Japanese funds. Governor Yang Seung-jo signed a memorandum of understanding (MOU) with Bae Hyung-ki, CEO of Taiyo Ink Korea and Dangjin Mayor Kim Hong-jang at the provincial government office on May 20.
In a joint venture with Taiyo Ink of Japan, Taiyo Ink Korea plans to spend a total of 17 billion won ($13.9 million) over the next five years, including 10 billion won in foreign direct investment (FDI), to build a dry film production plant for semiconductor packaging and display on 16,701 square meters of Songsan 2-2 Foreign Investment Zone in Dangjin.
Once the plant is completed, it will be able to produce dry films for semiconductor packaging and display that are imported from Japan in South Korea.
The production product is an insulating coating material that protects the circuit pattern of printed circuit boards and is an essential material for preventing electrical defects and securing insulation.
The province predicted that this investment would bring economic effects of 132 billion won and create 46 new jobs over the next five years, including the import substitution effect of 112 billion won.
Governor Yang said, "This investment attraction is significant because it was made amid the difficult situation of spreading new coronavirus infections. We will provide various support to ensure that the investment from Taiyo Ink Korea will be successful."
Taiyo Ink Korea based in Ansan, Gyeonggi Province is a company specializing in solder registry ink for print wiring boards, with its products taking up 70 percent of the domestic market.
Taiyo Ink of Japan founded in 1953 is a Tokyo-based global company with sales of 806.9 billion won ($661 million) as of 2019, with 1,250 employees. It has plants in seven countries, including South Korea, the United States and China.