Business Roundtable Investment Cooperation Discussion
Hyundai Motor's 6.3 Trillion KRW Investment in Georgia Electric Vehicle Plant
Business Leaders Attend Official Welcome Dinner Event
[Asia Economy Reporter Oh Hyung-gil] On the second day of U.S. President Joe Biden's visit to South Korea on the 21st, discussions on Korea-U.S. economic cooperation continue.
In the morning, a ‘Korea-U.S. Economic Business Roundtable’ hosted by U.S. Secretary of Commerce Gina Raimondo and South Korean Minister of Trade, Industry and Energy Lee Chang-yang will be held privately. President Biden is reported not to attend.
Major companies including Samsung, SK, Hyundai Motor, LG, Lotte, Hanwha, OCI, and Naver are said to have been invited to this meeting. The two countries plan to discuss cooperative business plans in areas such as semiconductors, electric vehicles, batteries, eco-friendly materials, energy, and information technology.
It is also expected that specific investment plans between the two countries will be announced at this meeting. In May last year, the four major domestic groups?Samsung, SK, Hyundai Motor, and LG?attended the ‘Korea-U.S. Business Roundtable’ held at the U.S. Department of Commerce and announced plans to invest more than 44 trillion won in the U.S. However, the scale of investment is expected to be smaller than last year in terms of timing.
Earlier, Hyundai Motor Group announced that it will invest 6.3 trillion won to build an electric vehicle factory in Georgia, USA, capable of producing 300,000 units annually. Hyundai Motor Group signed an ‘Electric Vehicle Dedicated Factory Investment Agreement’ with Georgia state authorities in Bryan County, Georgia, where the factory construction site is located.
President Biden is scheduled to meet Hyundai Motor Group Chairman Chung Eui-sun on the 22nd to express gratitude for the investment.
Jake Sullivan, U.S. National Security Advisor at the White House, stated the day before the factory establishment announcement, “President Biden will meet Chairman Chung Eui-sun in Seoul to express his gratitude for the investment in the Georgia factory.” Hyundai Motor Group plans to introduce the factory construction details and Hyundai Motor’s future business directions to President Biden.
On the previous day, President Biden visited Samsung Electronics’ semiconductor plant in Pyeongtaek with President Yoon and emphasized cooperation between Korea and the U.S. in semiconductors. He said, "I look forward to very productive days ahead and believe we can explore ways to further strengthen the Korea-U.S. alliance."
President Yoon said, "I consider semiconductors a national security asset that will secure our future, and we plan to provide bold incentives and necessary support without hesitation," adding, "I also ask President Biden to take great interest not only in providing various incentives for our semiconductor companies’ investments in the U.S. but also in American advanced materials, equipment, and design companies’ investments in Korea."
At 7 p.m. that day, President Biden will attend an official welcome dinner hosted by President Yoon Seok-youl at the National Museum of Korea near the Yongsan Presidential Office building.
A delegation of about 50 people from the Korean side, including presidential office officials, government officials, political figures, economic leaders, and cultural and sports figures, will attend the dinner. Economic figures include Lee Jae-yong, Vice Chairman of Samsung Electronics, and Chey Tae-won, Chairman of the Korea Chamber of Commerce and Industry (Chairman of SK Group), among other heads of major domestic groups and economic organizations.
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