USD 2.3B in Investments Attracted in One Day

On April 13, Gyeonggi Province successfully attracted combined investments of KRW 3.5 trillion (approximately USD 3.1 billion) in just ...

On April 13, Gyeonggi Province successfully attracted combined investments of KRW 3.5 trillion (approximately USD 3.1 billion) in just one day, including those for a carbon-neutral, eco-friendly complex logistics center and an industrial gas production facility worth KRW 500 billion (approximately USD 440 million).

Successfully Attracted Investments of Approximately USD 2.3 Billion from ESR Kendall Square

Gyeonggi Province Governor Dong Yeon Kim held an investment event with ESR Kendall Square, a logistics real estate development and operating company with offices located on Lexington Avenue in New York City.

Recognizing that the establishment of an eco-friendly logistics center based on hydrogen energy could create new opportunities as a test bed for new technologies and industries, the Governor promised active support, leading to the signing of an investment agreement.

Under the agreement, ESR Kendall Square will invest about USD 2.3 billion (approximately KRW 3 trillion) over seven years to develop the largest carbon-neutral, eco-friendly logistics center in Gyeonggi Province, covering one million square meters. The center will include a hydrogen logistics system (hydrogen charging stations, hydrogen forklifts, etc.), a drone delivery and operation center, a smart farm, and a test bed for new industries.

Through the establishment of the eco-friendly logistics center, Gyeonggi Province expects to realize various benefits, such as resolving logistics issues in the Korean capital region, utilizing renewable energy, creating large-scale employment, and stimulating the economy. It is estimated that the center will create more than 5,000 new jobs, and generate economic effects worth KRW 2.5 trillion as well as annual tax revenues of more than KRW 13 billion.

ESR Kendall Square Co., Ltd. is a foreign-invested company that was established in partnership with ESR Group, a global real estate operation and investment conglomerate, in 2014. ESR is a global logistics investment company with a portfolio of investments worth USD 149.5 billion, and it is actively investing in the Asia-Pacific region, including Korea, China, Japan, Australia, and India.

Air Products Signs Memorandum of Understanding for KRW 500 Billion Investment

On April 13, Gyeonggi Province Governor Dong Yeon Kim, signed a memorandum of understanding with Air Products, a global industrial gas producer located in Allentown, Pennsylvania, for a KRW 500 billion investment in a semiconductor industrial gas production facility.

This additional investment from Air Products is a tangible result of Governor Kim's efforts to attract foreign direct investment. In November of last year, Governor Kim invited CEOs of five future growth and innovation companies on the cusp of investment decisions to a roundtable discussion on investment attraction at Dodamso, the former gubernatorial residence. Among them was Seung-rok Kim, the CEO of Air Products Korea. At the time, Governor Kim promised to support companies more actively than any other local government or even the central government, encouraging investment from companies. After the event, CEO Seung-rok Kim invited Governor Kim to visit Air Products' U.S. headquarters, and on April 13, the KRW 500 billion investment attraction became a reality.

According to the investment agreement, Air Products plans to invest KRW 500 billion to expand its facilities for the production of industrial gases, which are essential for the semiconductor industry in Gyeonggi Province. To revitalize the local economy, the company has also promised to prioritize the hiring of Gyeonggi residents, creating new jobs.

Founded in 1940, Air Products is a global industrial gas company that supplies industrial gas and related equipment to various manufacturing industries, including semiconductors, petrochemicals, food and beverage, and advanced displays, recording annual sales of up to USD 12.7 billion.

Governor Kim’s Third Overseas Visit
https://www.gyeonggido-korea.com/2023/04/investment-agreement-worth-krw-500.html