Boeing, others investing in South Korea

May 7, 2013 at 10:52 AM

SEOUL, May 7 (UPI) -- Boeing and six other U.S. companies have reportedly promised to invest $380 million in South Korea.

The pledges of direct foreign investment were made Monday to South Korean government officials visiting the United States along with South Korean President Park Geun-hye.

"The decisions of the seven U.S. corporations demonstrate their trust in the South Korean economy without regard to various uncertainties in the country," Minister of Trade, Industry and Energy Yoon Sang-jick said.

"Based on the new administration's resolute diplomatic and security policies, we will make active and strategic efforts to attract foreign direct investment."

The Korea Times newspaper reported that Boeing will invest $120 million to establish a maintenance, repair and overhaul center for F-15K Slam Eagle avionics components in South Gyeongsang province. The facility will be the first Boeing MRO facility in Asia.

U.S. company Curtiss-Wright will invest $30 million in South Korea to shore up its capacity in nuclear reactor valves, while Almost Heroes, an animation studio, will make a $20 million investment for creation of products to will be screened in the United States.

The newspaper quoted the minister as saying the other U.S. companies would invest in solar cells, leisure facilities and logistics centers.

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