A delegation from Gyeonggi Province led by Governor Kim Moon-soo is scheduled to visit the US for seven days (March 8 to March 14), with the goal of attracting USD 160 million in foreign investment.

A spokesperson for the Province announced that the representatives would be signing investment agreements with five high-tech companies, including Air Products, Imbera and Broadcom, and would be jointly holding an IR roadshow with the Korean Ministry of Knowledge Economy in New York City. In addition, in an effort to support research and development in the field of nanotechnology, they will be signing a Memorandum of Understanding (MOU) with the Korea Advanced Nano Fab Center.

Of the five companies expected to confirm deals with Gyeonggi Province, Air Products is a manufacturer of specialty gas and chargers for semiconductors, and is planning to invest approximately USD 50 million. The company has already been investing in five areas in Gyeonggi Province (Sihwa, Banwol, Giheung, Hwasung and Pyeongtaek), and decided to increase its investment amount as the Province had successfully addressed the problems regarding moving into the industrial complex in Banwol and Sihwa.

Imbera, which have established a joint venture with Daeduck Electronics, also decided to invest an additional USD 30 million, and plans to move into the foreign investment zones within Gyeonggi Province in the first half of next year. The company produces PCB boards for semiconductors and cell phones.

As for Broadcom, which manufactures networks for computer and electrical communications and processors for mobile phones, it will be making an investment of US 20 million in the Global R&D Center in Pangyo, Gyeonggi Province, in order to advance into the Korean market.

The Province also aims to build a large-scale theme park shopping mall in which various entertainment events can be held by concluding a Letter of Intent (LOI) for an investment worth USD 200~300 million with RED, one of the leading shopping mall developers in the world.

In addition, the Province will be jointly holding an IR roadshow with the Korean Ministry of Knowledge Economy in New York City, a move that is aimed at inducing investment in new growth industries like renewable energy. In addition, the Province will hold an investment counseling session with Qualcomm, the world’s number one semiconductor company.

The Province will also conclude an MOU regarding the co-development of a Compound Semiconductor Device with the Korea Advanced Nano Fab Center and SEMATECH (Semiconductor Manufacturing Technology), the internationally-renowned semiconductor research consortium.

By taking this as an opportunity, Gyeonggi Province will make every effort to further develop compound semiconductor high-efficiency solar cells, high-power and high-temperature nitride electronic devices and optical devices.

Meanwhile, Governor Kim will visit Sacramento, the capital of California, where he will meet with Governor Arnold Schwarzenegger to discuss various measures to further bilateral cooperation and exchanges with California.

‘Gyeonggi Province is committed to weathering the global economic crisis by attracting foreign investment in an active and strategic manner,’ the official said.