GYEONGJU – Seven global tech giants, including Amazon Web Services (AWS), on Wednesday unveiled a combined $9 billion investment plan in South Korea – one of the country’s largest foreign direct investment pledges in recent years.
The announcement was made during the APEC Global Investment Partnership event in Gyeongju, held on the sidelines of the APEC CEO Summit, which runs through Oct. 31, ahead of the APEC leaders’ meeting from Oct. 31 to Nov. 1.
The initiative forms part of Seoul’s broader strategy to attract high-tech manufacturing and digital infrastructure investment as it seeks to cement its position as a regional hub for artificial intelligence, semiconductors, batteries and biotechnology.
Of the total pledged amount, $660 million will be filed immediately as foreign direct investment, according to the Ministry of Trade, Industry and Energy.
“Korea is emerging as the epicenter of AI innovation,” said Matt Garman, chief executive of AWS, announcing plans to invest more than $5 billion by 2031 to expand its cloud infrastructure and accelerate AI capabilities.
Six other companies that also announced their investment plans are Renault, Amkor Technology, Corning, Air Liquide, Siemens Healthineers and Umicore.
Renault Korea CEO Nicolas Paris said the automaker will designate Korea as one of its five global strategic hubs, converting existing production lines for electric vehicle manufacturing.
Siemens Healthineers announced a new 9,917-square-meter production facility in Pohang for core components of cardiovascular ultrasound equipment, while Amkor said it will expand its semiconductor packaging operations.
Belgian materials group Umicore said it will build a new cathode materials plant to support Korea’s fast-growing battery supply chain.
PRESIDENT LEE PLEDGES AI INITIATIVE IN OPENING APEC ADDRESS
As the APEC meetings unfold, Korea is using the spotlight to underscore its ambitions to become a regional powerhouse in AI and advanced manufacturing, leveraging historic levels of foreign investment to anchor its next phase of growth.
South Korean President Lee Jae Myung launched his APEC week schedule by meeting top global executives, including AWS’ Garman, reaffirming Seoul’s commitment to support foreign investors.
In a meeting with Garman at Gyeongju Arts Center, Lee welcomed AWS’ new investment, which follows a $4 billion AI data center project in Ulsan announced in June, calling AWS’ spending plans “the largest-ever greenfield investment in Korea’s history.”
“We wholeheartedly welcome Amazon’s decision,” Lee said. “This partnership will accelerate Korea’s AI ecosystem and strengthen our bridge to global prosperity.”
Later, during his keynote speech at the APEC CEO Summit, Lee emphasized multilateral cooperation to address global economic uncertainties, from supply chain disruptions to rising protectionism.
He said that Korea will propose an AI Initiative during the APEC leaders’ meeting, aimed at fostering an inclusive framework for AI development across the Asia-Pacific region.
“We hope a vision of AI for all will become APEC’s new normal,” he said, positioning Korea as the AI capital of the Asia-Pacific.
LARGEST-EVER APEC CEO SUMMIT
This year’s APEC CEO Summit, hosted by the Korea Chamber of Commerce and Industry (KCCI), officially kicked off on Wednesday in the historic city of Gyeongju under the theme “Bridge, Business, Beyond.”
The event gathered more than 1,700 political and business leaders, the largest turnout in the summit’s 30-year history, including President Lee, US President Donald Trump and Nvidia CEO Jensen Huang.
Among Korea’s top corporate leaders in attendance are Samsung Electronics Co. Chairman Lee Jae-yong, Hyundai Motor Co. Chairman Chung Euisun, LG Group Chairman Koo Kwang-mo, SK Group Chairman and the KCCI chief Chey Tae-won and POSCO Holdings Inc. Chairman Chang In-hwa.
Foreign attendees include executives from Google, Microsoft, Citigroup, Deloitte, Meta and Johnson & Johnson.
Trump, who flew to Gyeongju from Tokyo earlier on Wednesday, delivered the APEC CEO Summit’s special address. Other national leaders, including Indonesian President Prabowo Subianto, Vietnamese President Luong Cuong and Japanese Prime Minister Sanae Takaichi.
Across three days, the CEO Summit will host sessions on the global economy, AI, finance, digital currencies and green transition.
Notably, RM, the leader of Korean boy band sensation BTS, is scheduled to speak on cultural soft power in the Asia-Pacific, while Nvidia’s Jensen Huang will close the event on Friday with a keynote outlining the future of the AI industry.
Huang is expected to meet with major Korean business leaders to discuss cooperation on high-bandwidth memory (HBM) supply and broader collaboration on AI and microchip technologies.
In August, in the US, Huang had a chat with SK Chairman Chey, Samsung Chairman Lee and other CEOs at the business roundtable of the South Korea-US summit in Washington, D.C.
