Seoul, May 9 (IANS) US automotive company BorgWarner has opened a research and development centre in South Korea, which is expected to help stabilise the supply chain in the sector, the industry ministry said on Thursday.
The new centre, located in Daegu, 237 kms south of Seoul, will focus on developing integrated driving modules for automobiles with a combined investment of $43.6 million through 2027, according to the Ministry of Trade, Industry and Energy.
BorgWarner currently operates seven production lines across South Korea, employing around 1,400 workers.
The company pledged to open the centre on the margins of President Yoon Suk Yeol’s visit to the U.S. in 2022, reports Yonhap news agency.
The industry ministry said that the new center, employing 43 experts, is expected to enhance the competitiveness of the local automobile industry and help stabilise the supply chain as well.
Park Duk-ryul, the director general for cross-border investment policy at the ministry, said the investment is also notable in that it came amid the growing global competition to attract companies in cutting-edge industries.
“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.
–IANS
na/
Disclaimer
The information contained in this website is for general information purposes only. The information is provided by TodayIndia.news and while we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.
Through this website you are able to link to other websites which are not under the control of TodayIndia.news We have no control over the nature, content and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.
Every effort is made to keep the website up and running smoothly. However, TodayIndia.news takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.
For any legal details or query please visit original source link given with news or click on Go to Source.
Our translation service aims to offer the most accurate translation possible and we rarely experience any issues with news post. However, as the translation is carried out by third part tool there is a possibility for error to cause the occasional inaccuracy. We therefore require you to accept this disclaimer before confirming any translation news with us.
If you are not willing to accept this disclaimer then we recommend reading news post in its original language.
