Kim Dong-yeon: "Korean economy will remove uncertainties quickly and regain resilience"

[Suwon Ilbo=Reporter Kim Gab-dong] Gyeonggi Province Governor Kim Dong-yeon visited Onsemi in Bucheon, a global semiconductor company, on the 9th to discuss cooperation measures for creating a stable investment environment and encourage expanded investment.

Governor Kim's visit to Onsemi on this day is part of an "economic reconstruction" initiative aimed at reassuring foreign investors who may feel concerns due to domestic situations.

On the morning of the 9th, Governor Kim Dong-yeon met with Kang Byung-gon, CEO of Onsemi Korea, and emphasized Gyeonggi Province's efforts to improve the foreign investment environment and the potential for cooperation in semiconductor and electric vehicle sectors. In particular, he expressed his commitment to actively support Onsemi's continued expansion of investment and employment in Gyeonggi Province.

Governor Kim said, "Korea is currently experiencing two economic shocks simultaneously. One is the 'Trump shock' in the sense of a major transformation in the international economy due to the Trump administration's launch, and the other is the 'Yoon shock.'"

He continued, "With these two shocks, overseas investors have no choice but to worry. I have sent letters to approximately 2,500 world economic and political leaders with whom I have been in contact, reassuring them: 'Don't worry. The Korean economy of today has been built by overcoming difficulties and adversity. We will remove uncertainties in a short time and show resilience again.'"

He then stated, "As I mentioned, please don't worry at all. Have no doubt that Onsemi will receive active cooperation."

Governor Kim Dong-yeon particularly emphasized, "There is no need to distinguish between conservative and progressive when conducting economic activities. True progressivism respects the market economy and helps corporations conduct their activities sufficiently. However, issues regarding unfair practices in the market process and inequality resulting from market outcomes must be addressed through policy."

He added, "Many people are caught up in the current political situation and miss the bigger picture, but our politics must pay attention to how the economy operates and global trends. I hope uncertainties are removed quickly and our economy and the newly formed government move forward well, and I will do my best."

CEO Kang Byung-gon responded, "Just as system semiconductors are themselves a national strategic business, I believe there is added value in their development and production. Since there is an advantage in being able to do this domestically during global crises like COVID-19, we will make good use of that to contribute to the national economy and to be something that Bucheon and Gyeonggi Province can be proud of."

He added, "It is important that politics and economy are linked together and stabilize quickly. We will do our best to survive here by making what we can do a competitive advantage."

Meanwhile, Onsemi acquired the successor to Korea Semiconductor, which was founded in Bucheon in 1974, in 2016, and Onsemi has shared history with Korea's semiconductor industry. In October 2023, it completed a state-of-the-art research facility and manufacturing facility for next-generation non-memory power semiconductors in Bucheon. As the world's largest advanced facility capable of manufacturing over 1 million 200mm SiC wafers annually, it is expected to become a strategic stronghold that further solidifies Onsemi's leading position in the industry. Onsemi plans to invest 1.4 trillion won in Bucheon by 2025.