Lee Jae-yong, Fluent in English, Welcomes South Korea-US Leaders: "Looking Forward to Bilateral Semiconductor Cooperation and Development"

Samsung Electronics Pyeongtaek Campus Chosen as Biden's First Visit Site
South Korea and US Showcase 'Advanced Technology Alliance' Domestically and Internationally

[Image source=Yonhap News]

[Asia Economy Reporter Jin-ho Kim] "Welcome to Samsung Electronics Pyeongtaek Campus, the world's largest semiconductor production base."

On the 20th, Samsung Electronics Vice Chairman Lee Jae-yong gave this welcoming remark to President Yoon Suk-yeol and U.S. President Joe Biden, who visited Samsung Electronics Pyeongtaek Campus.

Vice Chairman Lee emphasized the importance of semiconductor cooperation between Korea and the U.S. He said, "Semiconductors are the engine of everything and provide many opportunities to drive growth," adding, "They enable people to access the internet and vast knowledge databases, and also increase corporate productivity."

He continued, "Since Samsung Electronics started manufacturing semiconductors in the U.S. 25 years ago, it has grown into the world's largest semiconductor company," and added, "We respect and cherish this friendship and hope to continue developing it."

After his inauguration, U.S. President Joe Biden, visiting South Korea for the first time, shook hands with Samsung Electronics Vice Chairman Lee Jae-yong after delivering a speech following an inspection of the Samsung Electronics semiconductor plant in Pyeongtaek, Gyeonggi Province on the afternoon of the 20th.
[Photo by Yonhap News]

The two heads of state chose Samsung Electronics' semiconductor factory as their first official schedule to demonstrate their commitment to an 'advanced technology alliance' both domestically and internationally. Samsung Electronics Pyeongtaek Campus, equivalent in size to 400 soccer fields, is the world's largest semiconductor production base. It mainly produces memory (DRAM and NAND) and foundry (semiconductor contract manufacturing) products. The two leaders, accompanied by interpreters and guided by Vice Chairman Lee, toured Samsung's world-first developed 3-nanometer (nm) semiconductor process, among other facilities.

[Image source=Yonhap News]

Additionally, Samsung Electronics is about to begin construction next month on a large-scale semiconductor factory in Taylor, Texas, U.S., with an investment of 20 trillion won. The factory aims to start operations in 2024.

In his speech that day, President Biden expressed gratitude for Samsung Electronics' investment in the Taylor factory. He said, "I believe the world's best semiconductors will be produced in Taylor, and this investment will create 3,000 new advanced jobs in Texas, adding to the 20,000 jobs Samsung has already created in the U.S."

The business community views President Biden's visit to Korea as a good opportunity to draw incentives for Samsung Electronics. They expect the bill to support $52 billion (about 66 trillion won) for the U.S. semiconductor industry to pass swiftly through the U.S. Congress and hope the construction of the U.S. foundry factory will gain momentum.

Meanwhile, Vice Chairman Lee will also attend the state banquet held at the National Museum of Korea on the evening of the second day of President Biden's visit, the 21st. The event is expected to be attended by the heads of the top 10 conglomerates, including Vice Chairman Lee, and the leaders of six major economic organizations.