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US tech firm Corning to invest $1.5b in Korea

By Shin Ji-hye

Published : April 26, 2023 - 11:13

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President Yoon Suk Yeol (Yonhap) President Yoon Suk Yeol (Yonhap)

WASHINGTON -- American multinational tech company Corning said it would invest an additional $1.5 billion in South Korea over the next five years, according to the South Korean presidential office.

The plan was announced by Corning CEO Wendell Weeks at the Korea-US business roundtable attended by President Yoon Suk Yeol, Yoon's senior economy secretary Choi Sang-mok said.

Corning has invested over $10 billion in South Korea over the past 50 years, which has contributed to the creation of thousands of jobs in the country, according to Choi.

Corning's $1.5 billion investment is part of the $5.9 billion in investment pledges made by US companies during Yoon's visit to Washington.

On Monday, Netflix said it would invest $2.5 billion over the next four years while a group of six US tech companies pledged a combined $1.9 billion in investment.

The six companies are Air Products, Plug Power, On Semiconductor, Greene Tweed, PureCycle Technologies and EMP Belstar. They plan to build factories in South Korea, according to the office.

The investments are expected to play a major role in strengthening supply chains and high-tech cooperation between South Korea and the US, as well as in the eco-friendly transformation of energy and the industrial sector, the office said.

The $2.5 billion investment plan by Netflix, in particular, is double the amount the company has invested in Korea since it first entered the Korean market in 2016.

“The investment will be a significant opportunity for all Korean content businesses and creators, as well as for Netflix,” Yoon said during a joint press briefing following his meeting with Netflix chief Ted Sarandos.

“We were able to make this decision because of our great confidence in the Korean content industry. And we'll continue to make great stories,” Sarandos said in response. “We also were inspired by the president's love and strong support for (the) Korean entertainment industry.”