DAVOS, Jan. 18 (Korea Bizwire) — Danish wind turbine producer Vestas Wind Systems will invest US$300 million in South Korea and move its Asia-Pacific headquarters to the country, the presidential office said Wednesday.
The investment will be made toward a large-scale turbine parts plant that will produce key equipment for wind turbines for export to the entire Asia-Pacific region.
Vestas’ decision to move its Asia-Pacific headquarters to South Korea shows that multinational companies are recognizing the country as an investment hub, the presidential office said.
President Yoon Suk Yeol attended a ceremony marking the investment decision in Davos on Wednesday and said he was pleased to see the “precious fruit” of his June meeting with Danish Prime Minister Mette Frederiksen, during which the two sides agreed to increase investment in each other’s offshore wind power industries, according to his office.
“He also stressed that there was important significance that South Korea made a leap to become a wind power production hub in the Asia-Pacific and found a new export engine through Vestas’ investment and transfer of its Asia-Pacific headquarters,” it said.
Vestas is the world’s No. 1 producer of wind turbines.
The announcement came as Yoon is in Davos to attend the annual meeting of the World Economic Forum.