S.Korea's KOTRA sends chip investment survey team to Texas

The government-run (South) Korea Trade-Investment Promotion Agency (KOTRA) on Tuesday said it dispatched to Texas a survey team for semiconductor investment formed with the American state's government and Korea Semiconductor Industry Association.

Texas is where Samsung Electronics co. has invested $17 billion (22 trillion won) to build a foundry, or semiconductor fabrication plant, in Taylor, a suburb of the state capital Austin.

KOTRA said it dispatched the team to promote to South Korean companies the US government policy of actively attracting investment and support their entry into the American market. Ten companies took part in the program.

A seminar and conference on Tuesday were held at the hotel Hyatt Regency Austin on promoting semiconductor investment in the Lone Star State. Officials from the state's Department of Economic Development at the seminar provided general information on the investment environment there.

Major consulting firms such as the law firm Nelson Mullins, accounting and tax company LEK Partners and real estate entity Savills also delivered information on legal, accounting, personnel and real estate affairs.

Individual counseling sessions were held after the seminar between state officials and the consulting firms and participating companies.

"To successfully enter the US market, accurate preassessment of information and close cooperation with (regional) government officials are needed," said Park Sung-ho, head of KOTRA's North American office. "After the dispatch of the survey team, KOTRA plans to open next month a GP (global partnering) center in Austin, Texas."

The center in Austin will offer office space and support for consulting and marketing to South Korean small, medium and middle-market chip companies seeking to enter the US market.

Write to Ik-Hwan Kim at lovepen@hankyung.com