Indichem factory opens in Gongju, marking milestone for foreign investment diversification and semiconductor supply chain
South Chungcheong Province has welcomed its first Indian-invested company, marking a new chapter in the province's foreign investment history.
Administrative Vice Governor Hong Jong-wan attended the completion ceremony for the Indichem Gongju factory at the Nam-Gongju General Industrial Complex on Friday, offering congratulations and pledging support for the company's stable establishment and growth.
About 150 people attended the event, including Hong, company and local government officials, and a group of Indian journalists. The ceremony proceeded with a project progress report, a completion celebration and a factory inspection.
The factory's completion carries significant weight as a step toward diversifying foreign investment in the province and deepening industrial cooperation with India.
The province plans to use the Indichem Gongju factory opening as a springboard to expand economic and industrial cooperation with India and strengthen the semiconductor materials supply chain within the province.
Indichem is a joint venture established by domestic firm J&Materials and Akutas Chemicals, based in Gujarat, India. The company signed an investment agreement with South Chungcheong Province and Gongju in June last year.
The investment, which followed that agreement, totals 30 billion won ($21.7 million) and is expected to create 26 new jobs.
The Indichem Gongju factory purifies and produces high-purity raw materials for photoresist, a key material used in semiconductor lithography processes.
The province said it will continue to expand cooperation with emerging markets, including India, to diversify foreign investment and focus its administrative efforts on building a virtuous cycle in which investment agreements lead to actual investment, factory completion and operation, and job creation.
"We will spare no administrative support to help Indichem settle and grow stably in Gongju," Hong said. "We will actively back this investment so that it leads not only to the company's growth but also to local job creation and stronger competitiveness in the semiconductor materials industry."
kwonhl@heraldcorp.com
