Six European Agencies to invest KRW 1.2T in South Korean Projects

Six European businesses will spend 1.2 trillion won ($929.27 million) in South Korean projects ranging from batteries to renewable energy, the country's industry ministry announced on Wednesday.

The news came during South Korean President Yoon Suk Yeol's visit to France this week.

Imerys, Umicore, Continental, Nylacast, Copenhagen Infrastructure Partners (CIP), and Equinor will invest in industries like as batteries, automotive materials, and offshore wind power, according to the ministry.

CIP announced plans to spend $350 million in gigawatt-scale offshore wind projects to assist South Korea's ambitious wind generation target.

Equinor stated that the investment is a reinforcement of its interests in Korea, where its 'Firefly' renewables project, located offshore the city of Ulsan, will have a capacity of around 800 megawatts when completed around 2028, though a final investment decision has yet to be made.

Other companies did not reply promptly to a request for comment.

There was no information on how much each corporation planned to invest or whether any projects had already been publicised.

Yoon is scheduled to visit Vietnam for three days later this week.