President Lee Jae Myung (center) on Aug. 25 speaks at the KORUS (Korea-U.S.) Business Roundtable at the hotel Willard InterContinental Washington in Washington. (Yonhap News)
By Lee Jihae
Domestic companies have announced plans to invest USD 150 billion (KRW 208 trillion) in the U.S.
An economic delegation of 16 heads of major Korean corporations and business executives on Aug. 25 said this at the KORUS (Korea-U.S.) Business Roundtable hosted by the White House.
The proposed investments cover those in strategic sectors, cooperation in cutting-edge manufacturing and setup of supply chains for key minerals.
In his keynote speech, President Lee Jae Myung said, "Business executives from both countries form the backbone of bilateral cooperation," adding, "We will actively promote joint projects in shipbuilding cooperation."
"The Republic of Korea's ultra-fast and compressed growth that came in half a century is a historic achievement that would've never happened without U.S. assistance," he added. "It is now our country's turn to contribute to the reconstruction of American manufacturing."
The announcement of the investment is thus considered a major step toward solidifying the bilateral alliance in economy and technology.
Samsung Electronics announced investment of USD 37 billion by 2030 to build a foundry plant in Taylor, Texas, as well as additional facilities. The company also said Samsung Heavy Industries will invest in U.S. shipbuilding.
SK Hynix will invest USD 3.87 billion in West Lafayette, Indiana, to build a plant for post-processing semiconductors for next-generation high bandwidth memory production.
Hyundai Motor gave details on its planned investment of USD 21 billion announced in March during a visit to the White House. LG Group announced higher investment in the U.S. for its core industries such as batteries and household appliances.
HD Hyundai, a domestic conglomerate for shipbuilding, heavy equipment, machinery and petroleum, signed its first memorandum of understanding on the project Make American Shipbuilding Great Again with Industrial Bank of Korea and Cerberus Capital Management, a U.S. private equity fund that owns Agila Subic Shipyard of the Philippines.
jihlee08@korea.kr