“After taking office, we have attracted a total of $200 billion from Asia-Pacific companies.”
The White House announced on the 16th (local time) that thanks to U.S. President Joe Biden’s investment promotion policies such as ‘Invest in America’ and Buynomics, Korean companies have invested a total of more than 76 trillion won in the United States.
The White House said in a press release that day that President Biden’s U.S. investment policies, including the Inflation Reduction Act (IRA) and the Semiconductor Act, have become a catalyst for investment in the U.S. by companies around the world, especially in the Asia-Pacific region.
“These investments not only boost our domestic economy, they help address the climate crisis, build a safe and resilient American economy, and create quality jobs,” the White House said.
Specifically, it was introduced that Samsung Display invested more than $17 billion (KRW 22.0915 trillion) to build a new semiconductor factory in Texas and $12 billion (KRW 15.594 trillion) to build an electric vehicle battery factory in the United States with its partners.
It was also mentioned that Samsung recently acquired Imagine, a micro OLED company based in New York.
Korean wind tower manufacturer CS Wind invested more than $200 million (about 260 billion won) in its wind tower manufacturing facility in Colorado, and energy solution provider Hanwha Q CELLS also mentioned investing $2.5 billion (about 3.25 trillion won) in Georgia.
LG Chem said it would invest $3.2 billion (KRW 4.158 trillion) in its electric vehicle battery materials production plant in Tennessee, and LG Energy Solutions said it would invest $5.6 billion (KRW 7.277 trillion) and $3 billion (approximately KRW 3.899 trillion) in Arizona and Michigan, respectively. did.
SK Hynix promised to invest $15 billion (KRW 19.495 trillion) in the semiconductor industry, and UNBIO, a pharmaceutical company specializing in diabetes treatment, said it would invest $100 million in insulin production and manufacturing facilities.
The White House emphasized that the total amount of investment in the United States by domestic companies is $59.5 billion (about 76 trillion won), and the amount of private investment attracted from Asia-Pacific companies, including Korea, has reached $200 billion (259.9 trillion won) since President Biden took office.
Source: Donga
Mark Jones is a world traveler and journalist for News Rebeat. With a curious mind and a love of adventure, Mark brings a unique perspective to the latest global events and provides in-depth and thought-provoking coverage of the world at large.