Hit the Jackpot with Foreign Capital from the United States and France
Two nights and five days: a 42,000km journey to attract foreign capital
2019.06.27(목) 09:39:06 | CNnews
Chungcheongnam-do Province sent a delegation on a five-day trip starting on April 15th to attract foreign capital from large-scale multinational corporations and successfully attracted USD 535 million worth of foreign investments.
Between France and the United States, the delegation travelled 42,000km in total, signing deals with three corporations from the two countries. The delegation also consulted with another company to host their investment for the Province.
On April 15th, the delegation signed an MOU with Company D based in Wilmington, Delaware. Company D is a global semiconductor and electronics manufacturing company. On the second day, April 16th, the delegation headed to Allentown, Pennsylvania and signed a foreign investment agreement with Company A. Company A is an industrial gas manufacturing company and also the world’s largest supplier of hydrogen.
They plan on installing oxygen generating facilities, oxygen tanks, and more in the Cheonan Foreign Investment Zone. After signing the agreement with Company A, the Chungcheongnam-do delegation toured hydrogen vehicle charging stations before moving onto New York and catching a flight to Paris.
In Paris on April 17th, the delegation consulted with Company I, an industrial mineral manufacturing company. Company I is interested in investing in the Asian market, weighing between whether they should invest in Korea or in China.
The province has been trying for two years to draw Company I’s investment to Korea. This time, the province made bold promises to incentivize investment and more, taking a more active approach to attracting investments to Korea. On the second day in France, April 18th, the delegation signed a foreign investment agreement with Company T, a global petrochemical company.
On April 18th, the day before the delegation’s return to Korea, they met with Choi Jong Moon, the Korean ambassador to France. In the meeting, the delegation gave a presentation regarding the investment potential of the industry in the province and asked for support in order to successfully draw in more French investment in Chungcheongnam-do Province.
On April 17th, the delegation visited a daycare and nursery home in Saint-Mande, a community near Paris, in order to learn about the welfare system used in France. On the next day, April 18th, they visited ESPACES, a social organization that helps low-income citizens find employment in Paris.
Through the experiences gained on their tour around the self-sustaining facilities, the delegate discussed various possible ways to apply what they had seen to Chungcheongnam-do Province, the welfare capital of Korea.
The provincial delegation travelled 42,000km in total in order to sign foreign investment agreements with international corporations, establishing a strong foundation for large-scale foreign investment. Chungcheongnam-do Province plans to create supports for businesses with the goal of signing more than 12 new foreign investment agreements with large-scale global corporations.