Korea-US Investment Forum in Washington Focuses on 'Supply Chain Cooperation'... 48 Companies Including SK Hynix Attend

Connected with the US's Largest Forum 'Select USA'
Strengthening Semiconductor and Battery Collaboration

Biden's Visit to Korea: 'Korea-US Business Roundtable'
Followed by Bilateral Economic Security Cooperation... Expanding Investment Opportunities

KOTRA announced on the 29th that on the 28th (local time), it held the "Korea-US Investment Cooperation Forum" in Washington D.C., USA, in conjunction with the largest US investment attraction event, the "SelectUSA Investment Summit," attended by US Secretary of Commerce Gina Raimondo and others. The photo shows the "Korea-US Business Roundtable Meeting" attended by Secretary Raimondo (second from the left) and Minister Lee Chang-yang of the Ministry of Trade, Industry and Energy (second from the right) during the Korea-US summit held on the 21st of last month. (Image source=Yonhap News)

[Asia Economy Reporter Moon Chaeseok] KOTRA announced on the 29th that it held a Korea-US Investment Cooperation Forum in Washington D.C., USA, in conjunction with the largest US investment forum, the 'SelectUSA Investment Summit.' Following President Joe Biden's visit to Korea about a month ago, the 'economic alliance' between the two countries has been strengthened, expanding local investment opportunities for Korean semiconductor and battery companies. Forty-eight domestic institutions and companies, including SK Hynix, participated in the forum.

KOTRA explained that the forum, held the previous day local time, was organized together with the Ministry of Trade, Industry and Energy, the Embassy of the Republic of Korea in the US, the US Department of Commerce, the US Embassy in Korea, SelectUSA, and the National Governors Association. It was held in conjunction with the four-day summit from the 26th to the 29th. About 120 government officials and businesspeople from both countries attended, including Cho Tae-yong, Korean Ambassador to the US, Gina Raimondo, US Secretary of Commerce, Larry Hogan, Governor of Maryland, and other key governors.

Now in its 8th year, the summit was held offline in Washington D.C. for the first time in three years since 2019. Invited by the host organization SelectUSA, not only officials and businesspeople but also investment attraction agencies and global companies participated, providing tailored information to companies seeking to enter the US market. From Korea, 90 people from 48 institutions and companies, including SK Hynix in semiconductors and secondary batteries, attended. Representatives from global companies such as Siemens Energy, SoftBank, Qualcomm, and Plug Power, as well as key figures like John Neuffer, President of the US Semiconductor Industry Association, also graced the event. Plug Power is a global hydrogen company collaborating with SK E&S to establish the joint venture SK Plug Hyverse, working on 'water electrolysis facilities' that produce hydrogen by electrolyzing water.

The forum was designated as an official side event of the summit. Thanks to the Korea-US summit at the end of last month, which elevated bilateral relations from a traditional security alliance to a future-oriented economic security alliance, Secretary Raimondo and others were able to attend. Forum participants discussed investment cooperation measures between the two countries to respond to the reorganization of global supply chains in promising industries such as semiconductors and batteries. In the first part, speakers including Governor Hogan and President Neuffer introduced the overall status of Korea-US cooperation, including economic cooperation and semiconductor collaboration trends.

In the second part, mutual investment cases and strategies between Korea and the US were shared. SK Hynix represented Korea. Earlier, SK Hynix announced plans in May last year to build a $1 billion (about 1.291 trillion KRW) AI and NAND flash research and development (R&D) center in Silicon Valley, USA. On the US side, key company representatives from Qualcomm, Plug Power, Big Sun Holdings (3D printing), and FiscalNote (information and communication technology) conveyed on-site voices vividly.

Jang Sang-hyun, CEO of KOTRA Invest Korea, said, "The existing global value chains are collapsing due to geopolitical conflicts triggered by the pandemic and regional issues, so investment partnerships with allied countries will be a good growth engine to promote trade as well," adding, "We will continue to create opportunities to strengthen economic cooperation more closely in key supply chain collaboration areas such as semiconductors and batteries."