US firms urged South Korean President to release Samsung Lee from jail

Recently, Financial Times reported that the United States of America’s companies urged the South Korean President Moon Jae-in to free the actual controller of Samsung Group – Lee Jae-yong from jail that he can strengthen the US President’s efforts to shake off American dependence on computer chips produced in foreign countries.

Previously, Samsung built a chip manufacturing plant in Austin, Texas, and preparing to invest billions of dollars in semiconductor facilities in the United States. The locations currently considered include Austin, Phoenix, and New York City.

After encountering the severe economic damage due to the Covid-19 pandemic, the US govt and major companies have actively promoted the establishment of a localized supply chain of key technologies, including semiconductors. Previously, Biden announced that he would invest $50 billion to strengthen the US’ semiconductor products.

After the global automotive chips shortage began to impact other industries, the call to restore the self-sufficiency of computer chips in the United States has become increasingly louder.

However, the American Chamber of Commerce in Korea warned Moon Jae-in that if Samsung does not fully support Biden’s efforts Korea’s position as a strategic partner of the United States will be at risk.

James Kim, the chamber’s chief executive said – “We believe that a pardon of the most important executive of Samsung is in the best economic interest of both the US and Korea.”

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