By Fred Pace, HD Media
CHARLESTON, W.Va. — It’s been six months since West Virginia Gov. Jim Justice announced a South Korean multi-national electronic company was launching a $700 million strategic initiative to grow new business ventures in the state.
In January, state officials said the investment from LG Electronics would advance the development of technologies for renewable energy, health care and industries of the future. And it would also create up to 275 new jobs in West Virginia over the next five years.
Development fund established
Sokwoo Rhee, executive vice president of LG Electronics and head of LG Electronics’ North America Innovation Center (LG NOVA), said Friday that the company has been working with the state to lay the foundation for its planned work.
“We don’t have a lot to update at this point,” Rhee said. “LG Electronics is leading a coalition of private and public investors to help bring $700 million to West Virginia through the NOVA West Virginia Development Fund, which has now been established.”
Rhee said the fund will channel investments from LG and its partners to West Virginia.
“It will be an investment vehicle to attract, mobilize and deploy $700 million in investments into startups, small businesses and infrastructure, including capital investments to support new business creation in the state,” he said.
