Foreign direct investment (FDI) in Chungcheongnam-do (Chungnam) under the 8th civil administration has surpassed $3.9 billion (approximately KRW 5.2841 trillion), bringing the province closer to its 2025 goal of attracting $4 billion in foreign investment.
On June 18, the provincial government signed a $120 million (about KRW 170 billion) investment agreement with two global companies: U.S.-based industrial gas leader Air Products and India-based semiconductor materials manufacturer Bava Advanced Materials. The signing ceremony took place in the main conference room of the provincial government office.
Attendees included Chungcheongnam-do Governor Tae-heum Kim, Kurt Lefevere, President of Air Products Asia, Naresh Patel, CEO of Bava Advanced Materials, Cheonan Acting Mayor Seok-pil Kim, and Gongju Deputy Mayor Moo-kyung Song, along with around 20 other representatives. The event featured company introductions, investment presentations, agreement signing, and gift exchanges.
The agreement solidifies mutual cooperation on implementing and administratively supporting foreign investment in the Cheonan and Gongju areas.
Air Products, a global supplier of industrial gases, equipment, and applications, already operates production facilities in Cheonan and Asan, supplying specialty gases for semiconductor and display manufacturing. The new investment includes expanding its Cheonan Plant 3 and introducing Korea’s first specialized facility for producing ultra-high-purity industrial gases.
Air Products cited the region’s proximity to Korea’s semiconductor cluster and the business-friendly administration as key factors in its investment decision.
Bava Advanced Materials, a subsidiary of Indian pharmaceutical intermediate company Acutas Chemicals, was founded in 2023 to expand into semiconductor raw materials manufacturing and distribution. Bava plans to establish a joint venture, Indichem, with Korean company J&Materials. The goal is to stabilize the supply of raw materials for semiconductor photoresists and gradually replace Japan’s dominance in this market by refining and distributing these materials domestically.
To achieve this, Bava will construct a factory in the Namgongju General Industrial Complex, with operations scheduled to begin next year.
This marks the province’s first FDI agreement with an Indian company since its foreign investment initiatives began in 2010.
The provincial government expects the agreement to diversify Korea’s semiconductor raw material supply chain, which currently relies heavily on China, and to foster the growth of a new materials startup in Gongju.
Governor Kim stated, “Under the 8th civil administration, we have attracted KRW 34.3 trillion in investment, including more than $3.9 billion in foreign capital. This agreement will elevate Chungnam’s industrial competitiveness to the next level.”
He added, “I am confident that the province and both companies will continue to grow together in a win-win relationship. We will support their efforts to find new opportunities and achieve greater growth and success in Chungnam.”
Source : Chungchungnam-do Press Release
Korea Central News Net 
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