DAEGU < invest Korea

According to Yonhap News,

U.S. automotive company BorgWarner Inc. has opened a research and development center in South Korea, which is expected to help stabilize the supply chain in the sector, the industry ministry said Thursday.

The new center, located in Daegu, 237 kilometers south of Seoul, will focus on developing integrated driving modules for automobiles with a combined investment of US$43.6 million through 2027, according to the Ministry of Trade, Industry and Energy.

BorgWarner currently operates seven production lines across South Korea, employing around 1,400 workers. The company pledged to open the center on the margins of President Yoon Suk Yeol's visit to the U.S. in 2022.

The industry ministry said that the new center, employing 43 experts, is expected to enhance the competitiveness of the local automobile industry and help stabilize the supply chain as well.

Park Duk-ryul, the director general for cross-border investment policy at the ministry, said the investment is also notable in that it came amid the growing global competition to attract companies in cutting-edge industries.

"The government intends to actively introduce additional incentives for cutting-edge industries and pursue regulatory reforms, paving the way for global companies like BorgWarner to increase their investments," Park said.


colin@yna.co.kr

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Source: Yonhap News (May 9, 2024)