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Tuesday, June 18, 2024

Six U.S. companies to invest $1.9 billion in Korea

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President Yoon Suk Yeol speaks at a Korea-U.S. business roundtable in Washington on Tuesday. [JOINT PRESS CORPS]
President Yoon Suk Yeol speaks at a Korea-U.S. business roundtable in Washington on Tuesday. [JOINT PRESS CORPS]

Six U.S. tech companies agreed to invest a total of $1.9 billion in Korea’s semiconductor, hydrogen and environmentally-friendly businesses.

The announcement was made at a business roundtable attended by President Yoon Suk Yeol on Tuesday in Washington, his second day in a weeklong state visit.

The latest investment by American companies was made a day after Netflix’s decision to invest $2.5 billion in K-content over the next four years.

The total U.S. investment during Yoon’s visit to the United States amounts to $4.4 billion, according to the presidential office.

President Yoon in the opening remarks of the business roundtable emphasized the 70 years of the alliance between the two countries.

He especially noted the development of the relationship between the two countries as a comprehensive strategic alliance not only in military and national security matters but also in a supply chain network and in high-tech and science fields.

Yoon said both countries as allies share the common value of a free democracy and market economy.

“Companies of each country have been increasing investments in each other countries,” Yoon said.
“While the U.S. is a powerhouse in key and source technology, Korea has the world’s best high-tech manufacturing capacity,” he added. “Through the mutual cooperation, we can expect huge synergy.”

The six companies are Air Products, Plug Power, On Semiconductor, Green Tweed, PureCycle Technologies and EMP Belstar.

The areas of investment range from hydrogen, fuel cell, semiconductor, plastic recycling productions and cold logistics.

Some 180 business leaders from both countries attended the meeting including the heads of Korean conglomerates such as Lee Jae-yong of Samsung Electronics and Euisun Chung of Hyundai Motor, Chey Tae-won of SK, Koo Kwang-mo of LG, Shin Dong-bin of Lotte, Kim Dong-kwan, vice chairman of Hanwha Group.

According to the presidential office, Yoon discussed expanding the Korean and U.S. business alliance, especially in the high-tech field with top executives from major U.S. companies including those specializing in semiconductor, information and technology and artificial intelligence (AI), such as IBM, Microsoft, Google and Qualcomm, as well as clean energy, EV manufacturers such as GE, GM and Tesla. Other companies included defense and biotech companies such as Lockheed Martin, Moderna and Biogen.

BY LEE HO-JEONG [lee.hojeong@joongang.co.kr]