US automaker BorgWarner establishes an R&D facility in Korea
May 9, Seoul The industry ministry said on Thursday that US automaker BorgWarner has established a research and development facility in South Korea, which is anticipated to assist in stabilizing the industry’s supply chain.
The Ministry of Trade, Industry, and Energy said that the new center, which is situated in Daegu, 237 kilometers south of Seoul, would concentrate on creating integrated driving modules for cars with a total investment of $43.6 million until 2027.
Currently, BorgWarner employs over 1,400 people on seven manufacturing lines spread across South Korea.
According to Yonhap news agency, the firm promised to establish the center in conjunction with President Yoon Suk Yeol’s 2022 visit to the United States.
According to the industry ministry, the new center, which employs forty-three professionals, is anticipated to help stabilize the supply chain and boost the competitiveness of the regional car sector.
The investment is particularly noteworthy, according to Park Duk-ryul, the ministry’s director general for cross-border investment policy, since it was made in the midst of an increasing worldwide battle to draw businesses in cutting-edge sectors.
“The government intends to actively introduce additional incentives for cutting-edge industries and pursue regulatory reforms, paving the way for global companies like BorgWarner to increase their investments,” Park said.
