ELSPES, a South Korean firm specializing in semiconductor passive device manufacturing, is making a major move into Florida’s emerging technology hub, NeoCity. With plans to invest $470 million and establish a global headquarters, this ambitious project will boost innovation in semiconductor technology, while diversifying Osceola County’s economy and supporting local job creation.
In a groundbreaking development for Osceola County, Florida, South Korean firm ELSPES has become the first private company to acquire real estate within NeoCity, the state’s up-and-coming technology district. In December 2024, the Osceola County Commission endorsed a Memorandum of Understanding (MOU) that commits ELSPES to invest at least $470 million by 2031 to build a 75,000 square-foot facility in NeoCity’s industrial complex, establishing the company’s world headquarters in Florida. The county has offered five ready-to-build acres and financial incentives to assist ELSPES’ expansion, showcasing a collaborative effort to attract valuable private investments.
NeoCity is a cutting-edge industrial park focused on microtechnology, hosting tech companies, start-ups, research labs, and educational institutions. As part of its strategy to become a leader in advancing the sensor and semiconductor industry in the United States, NeoCity is cementing itself as an ideal location for foreign investment. ELSPES joins a growing South Korean presence within NeoCity’s advanced technological environment, including partnerships with Korea Institute of Advancement of Technology (KIAT) and Seoul National University. In April 2023, KIAT signed a Memorandum of Understanding (MOU) with BRIDG, a NeoCity site partner, to drive technological advancement by assisting Korean semiconductor companies in expanding their operations into NeoCity. More recently, from January 13th to January 14th, 2025, Seoul National University held the Korea-Florida Critical Technology Forum. Following the event, Florida Congressman Darren Soto (FL-09) took to social media to celebrate securing more than $500 million “to boost microchip manufacturing jobs in Central Florida.” ELSPES’ recent arrival to the tech district underscores the growing role of South Korea in shaping NeoCity’s innovation-driven community.
Positioned to lead global innovation within the semiconductor industry, ELSPES aims to increase their research and development (R&D) capacity in NeoCity to create silicon capacitors for advanced computers, with the possibility of developing new products in the future. To support this vision, the firm’s commitment to growing its US workforce—and, by extension, facilitating local job creation—is essential. As outlined in the MOU, ELSPES is expected to employ at least 600 people, with an average annual salary of $85,000. In fulfillment of the agreement, job openings will begin in 2025.
To further strengthen NeoCity’s connections with the dynamic markets of South Korea, the Greater Orlando Aviation Authority (GOAA) led the signing of a “participation agreement” in January 2025, which aims to introduce direct flights between South Korea’s Incheon International Airport (ICN) and Orlando International Airport (MCO). The new route has the potential to increase economic ties, foster business collaboration, and boost tourism between the two regions.
ELSPES is expected to play a crucial role in achieving NeoCity’s ambitious vision of becoming a leading center for research, development, and production of next-generation technologies. In a statement to the Osceola County Commission, ELSPES founder and CEO Young Y. Park emphasized the innovative potential of the partnership, stating that “ELSPES strives to lead as the No. 1 company in the world pioneering innovative technologies that align with the evolving needs of the industry.” He further added, “We look forward to working together with Osceola County to fulfill these dreams.”
As NeoCity continues to attract international companies to establish itself as a hub for global innovation in microtechnology, the collaboration between Osceola County and South Korean businesses like ELSPES will shape the future of advanced manufacturing and promote long-term economic growth. With the launch of direct flights and ongoing partnerships, the global connections of NeoCity are only expected to grow stronger—further solidifying Florida’s position as a key player in the tech industry.
Emma Potts is a Spring 2025 Young Professional at the East-West Center in Washington. Emma recently graduated from Columbia University, majoring in Political Science and East Asian Languages & Cultures.