Yoon attracts $1.9 bil. Investment from US

Apr 26, 2023, 09:30 am

AsiaToday reporters Lee Wook-jae & Park Si-eun

President Yoon Suk-yeol, who calls himself “the No. 1 salesman” for South Korea, continued to strengthen economic cooperation between the two countries on the second day of his state visit to Washington.

Yoon has attracted investment of USD 1.9 billion (KRW 2.53 trillion) from 6 high-tech US companies in the clean hydrogen, semiconductor, and carbon neutral sectors on Tuesday. Including investment of USD 2.5 billion (KRW 3.3 trillion) in Korean content from Netflix on the previous day, the president attracted USD 4.4 billion in two days.

At the Korea-US investment declaration ceremony held in Washington D.C., six US companies in the hydrogen, semiconductor, and eco-friendly sectors pledged a total USD 1.9 billion (KRW 2.53 trillion) in Korea. Yoon thanked the CEOs of the six companies and expressed the Korean government’s willingness to support them.

The investment is focused on hydrogen and semiconductor production facilities. Air Products and Plug Power will establish hydrogen and fuel cell production facilities and research complexes in order to enter the hydrogen ecosystem in Korea. ON Semicoductor and Greene Tweed will set up power chip plant and chip equipment plant, respectively. PureCycle Technologies will set up a waste plastic recycling plant in Korea. EMP Belstar has decided to establish an eco-friendly ultra-low temperature logistics facility in Korea.

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President Yoon Suk-yeol and first lady Kim Keon-hee attend a dinner with Korean Americans at a hotel in Washington D.C. on April 24, 2023./ Source: Joint Press Corps

“The Korea-U.S. alliance, which marks its 70th anniversary, is a value-based alliance that shares the universal values of liberal democracy and market economy, and has been developing into a global comprehensive strategic alliance that covers military and security as well as supply chain and advanced science and technology sectors,” Yoon said during the South Korea-U.S. Business Roundtable. “Let’s prepare for the next 70 years by establishing a stronger future-oriented cooperative relationship,” he said.

The Business Roundtable was held a year after being held at the Hyatt Hotel in Seoul in May last year. 22 American companies in chip, defense, bio and energy sectors, including Qualcomm, Lam Research, ON Semiconductor, Corning, IBM, Microsoft, Google, GE, TerraPower, Tesla, Boeing, and Lockheed Martin attended the event. Eleven Korean companies, including Samsung Electronics, SK, Hyundai Motor, LG, Lotte, Hanhwa, Hanjin, and Korea Aerospace attended the event and vowed for cooperation in high-tech fields.

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Trade, Industry and Energy Minister Lee Chang-yong (center) and U.S. Commerce Secretary Gina Raimond attend a forum with South Korean and U.S. business leaders in Seoul on May 21, 2022./ Source: The Ministry of Trade, Industry and Energy

“Companies in both countries are expanding their investments in their respective counterparts,” Yoon said. “The U.S. is a key, source technology powerhouse and Korea has the world’s best advanced manufacturing capabilities. We expect great synergy through cooperation between companies,” he said.

Yoon called for cooperation from more than 180 Korean and U.S. business leaders at the “Korea-U.S. High-tech Industry Forum”. “The Korea-U.S. alliance is an exemplary alliance that has produced mutually beneficial results in the economy beyond security,” Yoon said in a congratulatory speech.

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