The South Chungcheong Provincial Government in South Korea signed a memorandum of understanding with Konfoong Materials International, a Chinese company specializing in semiconductor and display manufacturing. The agreement involves the construction of a production facility in Asan City. The plant, covering 49,500 square meters, is expected to produce ultra-high purity targets for semiconductors and displays, with Konfoong investing $53 million and hiring 200 new employees.

The provincial government will support the endeavor by leasing the required land for the factory and assisting in obtaining necessary business permits and construction approvals. The collaboration is expected to enhance South Korea’s semiconductor and display manufacturing capabilities, further strengthening its position in the global market.