Many MOUs
President Yoon Suk-yeol attended a U.S.-South Korea business conference in Washington D.C. on April 25. He was accompanied by Samsung Electronics Chairman Lee Jae-yong, SK Group Chairman Chey Tae-won, Hyundai Motor Group Chairman Chung Eui-sun, LG Group Chairman Koo Kwang-mo and Lotte Group chairman Shin Dong-bin, among others.
They met with Qualcomm CEO Cristiano Amon, Boeing CEO Dave Calhoun, Corning CEO Wendell Weeks, and many more. The Corning CEO said that his company would make an additional investment of US$1.5 billion in South Korea for five years to come.
That day, the two sides held a high-tech industry and clean energy partnership event as well. A total of 23 MOUs were signed there.
One signed agreement is for Doosan Enerbility, NuScale Power, and the Export-Import Bank of Korea to expand their small modular reactor business together. SK Group and Korea Hydro & Nuclear Power signed another one to conduct R&D together with TerraPower.
SK E&S, GE, Plug Power, and HD Korea Shipbuilding & Offshore Engineering promised to work together for blue hydrogen production. Lotte Chemical and CF Industries said they would produce clean ammonia in Louisiana. Rockwell Automation and Doosan Robotics are going to cooperate in developing new products and technologies.
Air Products, Plug Power, Onsemi, Greene Tweed, Pure Cycle, and EMP Belstar announced that day that they would invest US$1.9 billion in South Korea. In addition, Hyundai Motor Group and SK On announced they would build an EV battery plant in Georgia at an investment of 6.5 trillion won (US$4.9 billion). Samsung SDI is also planning to build an EV battery plant together with GM and the estimated investment is at least US$3 billion.