|This photo, provided by Korea’s industry ministry, shows an opening ceremony of “Invest Korea Week 2022” held in Seoul, Nov. 2. Yonhap|
Korea’s industry ministry said Thursday it agreed with Dutch semiconductor equipment supplier ASM to boost cooperation for the firm’s planned investment of $100 million to build a production factory and a research and development center in Korea.
The two sides signed a memorandum of understanding (MOU) in Seoul on the day, which calls for joint work for the smooth implementation of the corporate investment worth $100 million through 2025, according to the Ministry of Trade, Industry and Energy.
The company is reviewing building a second factory that produces equipment for atomic layer deposition, a key process in chips manufacturing, and the expansion of its RD center in Korea.
Currently, ASM is headquartered in the city of Hwaseong, Gyeonggi Province, some 40 kilometers south of Seoul.
In October, ASM announced a plan to invest $100 million in Korea, but the amount has surged “as discussions between the two sides have developed,” a ministry official said.
Following the MOU signing ceremony, Industry Minister Lee Chang-yang and ASM CEO Benjamin Loh held a meeting for discussions on the envisioned expansion of bilateral cooperation.
“The investment is expected to help Korea better ensure stable supply chains of the sector and boost exports,” the ministry said in a release. “The government will actively extend support, such as providing incentives and resolving difficulties.” (Yonhap)