Latest News – Gyeonggi Global

Applied Materials investing KRW 50 billion in SKC’s semiconductor material affiliate

2023-01-17T05:55:51Z

Applied Materials, an American giant in the semiconductor equipment industry, has reportedly invested KRW 50 billion in Absolics, a semiconductor affiliate of SK Group. This investment will be used to build Absolics’ glass substrate production facility in Georgia, for which a groundbreaking ceremony was held in November 2022. Click the news below for more information:

https://www.sedaily.com/NewsView/29KBHRXRUX

South Korean Government to offer up to 25% tax discount for semiconductor investment

2023-01-17T05:49:43Z

South Korean Deputy Prime Minister for Economy announced a new government tax incentive scheme to revitalize the semiconductor industry. On top of 1% corporate tax discount applicable to businesses, the government will offer up to 25% tax discount for investment in strategically important industries, including semiconductor manufacturing. Click the news below for more information:

https://newsis.com/view/?id=NISX20230103_0002146234&cID=10401&pID=10400

Gyeonggi Province hosts Linde’s noble gas facility

2023-01-17T05:41:38Z

Gyeonggi Provincial Government, Pyeongtaek City Government and American industrial gas supplier Linde signed an agreement on building a noble gas plant nearby its Pyeongtaek site. This will be the first place to produce noble industrial gases on the Korean soil to supply industrial material for chip manufacturers in South Korea. Click the news below for more information:

https://gnews.gg.go.kr/briefing/brief_gongbo_view.do?BS_CODE=s017&number=55738&period_1=&period_2=&search=7&keyword=%ed%88%ac%ec%9e%90&subject_Code=BO01&page=1

South Korean Government seeks corporate tax reduction for investment promotion

2022-12-19T00:44:17Z

The Ministry of Economy and Finance released a press material explaining why the complicated South Korean corporate tax scheme is a potential obstacle for foreign investors and why the corporate tax must be reduced in order to create a globally competitive business environment and attract more investment from overseas. The effort of the government is amid debate at the National Assembly over corporate tax rates. Click the news below for more information:

https://www.moef.go.kr/nw/nes/detailNesDtaView.do?searchBbsId1=MOSFBBS_000000000028&searchNttId1=MOSF_000000000062203&menuNo=4010100

South Korean Government focuses on deregulation for foreign investors

2022-12-19T00:49:26Z

The Ministry of Trade, Industry and Energy made a presentation on how the government will strive to improve the domestic business environment to assist foreign investors. Given that foreign investment is an important pillar of the national economy at the time of global uncertainties, the Ministry expressed its commitment to push for deregulation and continue to listen to opinions of foreign investors. Click the news below for more information:

https://motie.go.kr/motie/ne/presse/press2/bbs/bbsView.do?bbs_seq_n=166506&bbs_cd_n=81¤tPage=1&search_key_n=title_v&cate_n=&dept_v=&search_val_v=

Indian Tata to enter semiconductor chip making

2022-12-12T04:46:21Z

Natarajan Chandrasekaran, Chairman of Tata Sons, has recently been quoted as saying “We have created Tata Electronics, under which we are going to set up a semiconductor assembly testing business.” The Indian giant seeks partnership for this plan, and semiconductor manufacturers and foundries in the U.S., Japan, Taiwan and South Korea are seen as potential partners. In India, the semiconductor market is set to reach $64 billion by 2026, according to the India Electronics and Semiconductor Association and others. Click the news below for more information:

https://asia.nikkei.com/Business/Tech/Semiconductors/Tata-to-enter-chipmaking-in-India-Chairman-Natarajan-Chandrasekaran

First-ever fuel cell power plant Northeastern Gyeonggi

2022-12-12T04:33:05Z

Governor Dong Yeon Kim of Gyeonggi Province attended the signing ceremony to build hydrogen fuel cell-based power plants in Northeastern Gyeonggi cities and counties of Pocheon, Yeoncheon and Yangju. This region has had scarce natural gas supply, which led to many difficulties in the daily lives of the residents. By building power plants in these areas, the province can ensure balanced development of cities and counties, supply plant-generated heat energy for local industries, and increase the share of renewable energy sources in the energy mix. Click the news below for more information:

https://gnews.gg.go.kr/briefing/brief_gongbo_view.do?BS_CODE=s017&number=55430

Investment negotiations with French tech businesses

2022-12-12T04:38:54Z

The investment promotion division of the Gyeonggi Provincial Government hosted, in cooperation with the French-Korean Chamber of Commerce and Industry (FKCCI), a consultation session with several French tech businesses in advanced manufacturing and semiconductor industries. This event was in line with the province’s effort to attract investment from innovative industrial clusters of European countries. Click the news below for more information:

https://gnews.gg.go.kr/briefing/brief_gongbo_view.do?BS_CODE=s017&number=55415

Governor Kim meets with western chambers of commerce

2022-12-06T01:26:48Z

Governor Dong Yeon Kim of Gyeonggi Province had a lunch together with Chamber of Commerce and Industry representatives from North American and European countries. Chamber chair or vice-chairpersons of the European Union, Canada, Finland, France, Germany, Italy, Sweden, and the United States attended the meeting. Chamber representatives asked Governor Kim to provide more support for foreign business activities in the region, and Governor Kim pledged to create a more business-friendly Gyeonggi Province and called for more jobs for young local residents. Click the news below for more information:

https://gnews.gg.go.kr/briefing/brief_gongbo_view.do?BS_CODE=s017&number=55358

Gyeonggi tech startups pitch for investment from Singapore

2022-12-01T07:18:43Z

Eight tech startups based in Gyeonggi Province participated in an online IR pitch day event organized by Gyeonggi Provincial Government in partnership with KILSA Global, a global on-demand market entry execution and business management platform. About twenty investors based in Singapore and Northeast Asian region joined through a Zoom meeting room to listen to the presentation of Gyeonggi businesses. Click the news below for more information:

https://gnews.gg.go.kr/briefing/brief_gongbo_view.do?BS_CODE=s017&number=55313