Likely to Demand More Investment in the U.S.
U.S. President Joe Biden is scheduled to stay in South Korea on May 20 to 22 and have a meeting with Samsung Electronics vice chairman Lee Jae-yong, SK Group chairman Chey Tae-won, Hyundai Motor Group chairman Chung Eui-sun and LG Group chairman Koo Kwang-mo.
The U.S. president is likely to demand more investment in the United States. Last year, the four groups announced a 44 trillion won investment plan at their business roundtable with the U.S. Department of Commerce that preceded a U.S.-South Korea summit.
In accordance with the plan, Samsung Electronics is building a foundry in Taylor, Texas at an investment of US$17 billion and Hyundai Motor Group is about to build an EV plant in Georgia by investing US$7 billion. LG Energy Solution and SK On are building EV battery plants together with U.S. automakers and SK Hynix is going to build an R&D center in Silicon Valley by investing US$1 billion.
The meeting is also to strengthen the bilateral partnership in the industries including semiconductor, EV battery and rare earth element, which is a part of the United States’ supply chain reformation against China. The U.S. president is scheduled to visit Samsung Electronics’ plant in Pyeongtaek as well.