Asan City, Corning Precision Materials and First Foreign Investment Attraction in 2025… Expected to Revitalize Local Economy

Asan City (Acting Vice Mayor Cho Il-kyo) has successfully attracted its first foreign investment in 2025 by signing an investment memorandum of understanding (MOU) with global innovation company Corning Precision Materials. The agreement was signed at CES 2025, the world’s largest consumer electronics show held in Las Vegas, USA, with the attendance of Acting Mayor Cho Il-kyo, South Chungcheong Province Governor Kim Tae-heum, and Corning Precision Materials Korea President Vaughn Hall.

Corning Precision Materials is a global leader in glass, ceramics, and optical physics, and has invested more than $10 billion in Korea over the past 50 years, contributing to the development of the Korean economy and local communities. Through this MOU, Corning Precision Materials plans to advance its production facilities by introducing next-generation advanced materials process technology to the Asan City Display City General Industrial Complex.

Asan City, Facilitating Investment with Administrative Support
Asan City will cooperate with the Ministry of Trade, Industry and Energy and South Chungcheong Province to quickly support the necessary permit procedures during Corning’s investment process. Acting Mayor Cho Il-kyo said, “Despite the recent economic difficulties caused by COVID-19, the global economic downturn, and the US-China trade conflict, attracting investment to revitalize the local economy is our top priority,” adding, “Corning Precision Materials’ additional investment will be of great help to the local economy and job creation.”

Results of Chungnam Province’s active attraction activities
This MOU is an achievement made just a few months after the MOU for additional investment in production facility advancement project signed in August of last year, and is evaluated as the result of the active attraction efforts of South Chungcheong Province and Asan City.

Corning’s commitment to technological innovation in Korea
“Korea is an important base for Corning, and we plan to continue to realize next-generation technological innovations in displays, mobile, automotive, life sciences, optical communications, semiconductors, and architectural glass,” said Banhall, president and CEO of Corning Precision Materials.

This agreement is expected to elevate Asan City’s status as a city trusted by global innovative companies and contribute to the development of the regional economy and cutting-edge technology industries.