Samsung and 3 other Korean firms to invest $39.4 billion in the US

Recently, the four major South Korean companies including Samsung and SK Hynix announced their investment plans in the United States at a business round table held at the Korea-US summit with a total scale of 39.4 billion US dollars.

According to Yonhap, the South Korean-US Business Roundtable was held at the US Department of Commerce on May 21. The Korean President Moon Jae-in, South Korean and US Economic and Trade Ministers, and representatives of enterprises from both countries attended.

At the same time, delegates of Korean companies emphasized that the North American market is particularly important in the development of future core industries such as the information and communication technology industry, power batteries, and electric vehicles.

During the meeting with the US representatives of enterprises, South Korean companies expressed that they actively expand the market and master new technologies through cooperation with cutting-edge American companies. Samsung Electronics has decided to invest a huge $17 billion in new projects for foundries specifically.

In the battery industry, LG Energy Solutions and SK Innovation will invest approximately US$14 billion in establishing a local joint venture or investing separately. Moreover, Hyundai Motor plans to invest US$7.4 billion in electric vehicle production and charging infrastructure.

Apart from this, major Korean company SK Hynix plans to invest $1 billion to establish an emerging industry R&D center covering artificial intelligence and memory solutions in Silicon Valley.

A recent report revealed that Samsung projects to establish a new chip factory in the US, which will start construction in the third quarter of this year and will begin production after completion.

However, it will take some time for the company to be completed and put into production as the chip production plant is relatively complex and requires a lot of advanced equipment. The report further suggested that Samsung aimed to put it into operation in 2024.

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