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S. Korea strives for Danish firm's investment with incentives

Corporate Newsroom 14:35 November 22, 2022

SEOUL, Nov. 22 (Yonhap) -- South Korea's Industry Minister Lee Chang-yang said Tuesday the country is ready to provide a set of incentives to Danish wind system manufacturer Vestas to establish a factory here, his office said.

Vestas is reviewing building a factory in South Korea to manufacture and supply offshore wind turbines and components.

During a meeting with CEO Henrik Andersen in Seoul, Lee explained tax and other various incentives that the firm would have for its investment in South Korea, and vowed support for "effective and stable supply chains" regarding its businesses here, according to the Ministry of Trade, Industry and Energy.

Other details about the potential construction project are not known.

"Foreign investment is a key pillar of our investment-driven economic growth. We will continue to push for deregulation to attract more foreign investment in advanced industry fields," Lee said.

This photo, provided by the Gyeonggi provincial government, shows a groundbreaking ceremony for a new campus of Dutch semiconductor equipment maker ASML Holding N.V. in the provincial city of Hwaseong, about 40 kilometers south of Seoul, on Nov. 16, 2022. (PHOTO NOT FOR SALE) (Yonhap)


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