Trade, Industry, and Energy Minister Moon Sung-wook met with French high-tech auto parts maker Valeo CEO Christophe Périllat in Paris and held a ceremony to commemorate the firm's planned investment of $35 million in South Korea on March 22.
The investment is anticipated to bolster Korea’s future cars technology base and supply chain resilience, the ministry said on March 25.
Valeo is a major auto parts manufacturer based in France with over 110,000 employees, running 191 production facilities in 33 countries worldwide. It opened its first Korean base by name of Valeo Pyeong Hwa in 1988, and currently manufactures car parts in Gyeongju and Daegu.
The purpose of the investment is in line with the vision of establishing R&D and production infrastructure for future automobiles’ smart mobility business, and Korea’s top-tier car parts industry ecosystem and government policies played a positive role in Valeo’s investment decision.
Minister Moon said, “The Korean government, local government agencies and KOTRA will actively assist in facilitating a smooth investment process.”
The minister also met with Schneider Electric CEO Laurent Bataille to discuss cooperation measures for energy management systems (EMS) and France's investment expansion in Korea.
Established in 1836 as a steel and shipbuilding manufacturer, Schneider Electric is renowned today for its innovative solution services in energy management and automation. Their investment in Korea is not a first, having invested $8 million when first advancing into the Korean market in 1975.