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South Korea’s top corporations will be having a bigger role in the American supply chain in the areas that include electric vehicles and semiconductors. This was the result after four leading Korean companies made a commitment to invest nearly $40 billion to put up manufacturing plants and other related facilities in the coming years.
Major investments that will benefit both sides
Samsung Electronics, Hyundai Motors, SK Hynix, and LG pledged some $39.45 billion during the summit between US President Joe Biden and President Moon Jae In last weekend. As per The Korea Times, although this is beneficial for the Korean government and businesses, this is actually an achievement for the current American administration that has been seeking to secure important high-tech supplies through building value chains.
For the companies, because they have substantial roles in the US supply chain now, they will eventually secure a bigger market share in the region. It can be said that they will also gain the upper hand in the fields they specialized in, and this makes them more powerful since EV batteries and semiconductors have become the essential components in this digital age.
The announcement of investments was made during the South Korean - U.S. roundtable business meeting at the U.S. Department of Commerce, and SK Group chairman, who is also the head of the Korea Chamber of Commerce and Industry, Chey Tae Won, is present. Hyundai Motor Group’s president Kong Young Woon, Samsung Electronics vice chairman Kim Ki Nam, and LG Energy Solution’s chief executive officer Kim Jong Hyun were also there as part of President Moon’s summit delegation.
The investment pledges from the top Korean firms
Korea Economic Daily reported that Samsung Electronics will be investing $17 billion, and this will be for the construction of a new semiconductor foundry plant in the U.S. This is the biggest investment from the four companies.
“We are planning to invest $17 billion for a new foundry plant in America. Samsung will contribute to the economic growth of both South Korea and the US,” Samsung Electronics vice chairman said.
Hyundai Motor mentioned that it will pour in $7.4 billion to produce EVs, develop more technology for vehicles of the future, establish charging infrastructures and robotics. LGES and SK Innovation will jointly invest $14 billion for EV battery production plants, and finally, SK Hynix will set aside $1 billion to open a large-scale R&D center that will focus on artificial intelligence and NAND solutions in Silicon Valley.
