Gyeonggi Province’s investment promotion team will be on a trip from the 10th to the 17th of November in the U.S. to attract international automotive parts and semiconductor manufacturers in Michigan and Chicago to invest in the province.

The team from the province commented, “The news that the U.S. companies, which have been passive about investing in other countries because of the economic downturn, are now looking for reliable investment targets. This prompted our trip, which aims to attract their attention. During the trip, the team will have meetings with 6 companies including Cabot Microelectronics, which is the Chicago-based global leader of CMP slurry and will introduce the province as one of the best investment spots.

Detroit, Michigan is the center of the U.S. automotive parts industry, and the province expects to find quite a few core part manufacturers who will be interested in investing in the Korean market. They will also go to Chicago to ask current investors to make bigger investments and find new investors. They intend to visit local international trade centers in Detroit and Chicago in order to learn about the latest trends in the U.S. automotive and semiconductor industries, as well as garnering information about the investment status of global enterprises.

Gyeonggi Urban Innovation Corporation, developer and manager of the foreign company industrial complex in the province, joins the team so that they can promote investment increase to current investors.

Gyeonggi Province has performed survey to all of the U.S. companies with a branch or factory bigger than certain size to find prospects with plans to add investment so that they can attract more funds during this trip.

A Gyeonggi Province official mentioned “Even with the signs of recent reinvigoration of the U.S. economy, we believe that it will take significant amount of time before the signs are realized into real economy recovery and international investment, and we hope that this trip will turn out to be a great chance to lead the current investors to expand ventures in Korea.”