Biden Visits Samsung Pyeongtaek Plant on First Day in Korea, Holds Separate Meeting with Chung Eui-sun
Declares Tech Alliance and Strengthens Economic Security Cooperation
May Mention Additional Investment Inducement to the U.S.
[Asia Economy Reporters Park Sun-mi and Choi Dae-yeol] On the 20th, U.S. President Joe Biden, who is visiting Korea, will hold successive meetings with the heads of major domestic companies to solidify the will for Korea-U.S. economic cooperation. This move is interpreted as a declaration of a technological alliance in key industries such as semiconductors and electric vehicles, and an effort to strengthen economic security cooperation amid the crisis of global supply chain disruption.
According to the business community, President Biden's first schedule upon arriving in Korea is to inspect the Samsung Electronics semiconductor plant in Pyeongtaek, Gyeonggi Province. This is the first time a U.S. president has visited a domestic semiconductor factory. Previously, former President Donald Trump, who visited Korea in July 2017, flew over the Pyeongtaek plant by helicopter and remarked that he was "surprised by the vast scale," showing the great interest the U.S. has in this site.
President Yoon Suk-yeol will accompany him and express the intention to expand economic and technological alliance cooperation at Samsung Electronics' semiconductor plant, the largest in the world. Vice Chairman Lee will directly accompany the two leaders.
Earlier, President Biden had expressed special gratitude to Samsung for deciding to build a factory in Taylor, Texas, during the Korea-U.S. summit held in the U.S. last year, so it is expected that there will be investment-related messages with Vice Chairman Lee. Some speculate that there may also be mentions of additional investments.
On the following day, the 21st, President Biden and President Yoon will hold a Korea-U.S. summit and have a dinner. It is reported that the heads of the five major conglomerates will participate, including Vice Chairman Lee, SK Group Chairman Chey Tae-won (Chairman of the Korea Chamber of Commerce and Industry), Hyundai Motor Group Chairman Chung Eui-sun, LG Corporation CEO Koo Kwang-mo, and Lotte Group Chairman Shin Dong-bin.
Leaders of economic organizations will also participate in large numbers. Huh Chang-soo, Chairman of the Federation of Korean Industries; Sohn Kyung-shik, Chairman of the Korea Employers Federation; Koo Ja-yeol, Chairman of the Korea International Trade Association; Choi Jin-sik, Chairman of the Korea Association of Small & Medium Business; and Kim Ki-moon, Chairman of the Korea Federation of SMEs, are also expected to attend.
On the last day of the visit, the 22nd, President Biden will meet with Hyundai Motor Chairman Chung Eui-sun. President Biden is expected to express gratitude to Chairman Chung for Hyundai Motor Group's establishment of an electric vehicle plant in the U.S. According to major foreign media, Hyundai Motor plans to announce a $7 billion electric vehicle plant construction plan in Georgia before the meeting between President Biden and Chairman Chung. The Associated Press reported that this investment will create 8,500 jobs in Georgia.
President Yoon Suk-yeol, the 20th president, is attending the inauguration ceremony held at the National Assembly on the 10th, receiving applause from business leaders. Photo by Yoon Dong-ju doso7@
Earlier, Hyundai Motor announced at CES, the world's largest electronics exhibition held in January this year, that it aims to increase eco-friendly vehicle sales in the U.S. market to up to 50% by 2030. It also announced plans to invest $7.4 billion (approximately 9.4 trillion KRW) in the U.S. by 2025.
It is reported that future projects Hyundai Motor Group is pursuing in the U.S. will also be discussed during the meeting between President Biden and Chairman Chung. Representative projects include electric vehicles, urban air mobility (UAM), robotics, and autonomous driving.
A Hyundai Motor Group official said, "We are aware of what U.S. government officials have disclosed," adding, "If we get to meet, we will explain Hyundai Motor Group's future projects in the U.S. well."
A business community official said, "Through meetings with the heads of major domestic companies, President Biden will further solidify the Korea-U.S. economic community," and added, "Whether these companies will announce additional investment plans in the U.S. is also a matter of interest."
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