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Translated by:  MOS English Team – Beyond X

In addition to traditional military cooperation, cooperation between the U.S. and South Korea in the field of economic security is increasing. As U.S. President Joe Biden wrapped up a three-day trip to South Korea on May 22nd, he emphasized South Korea’s Hyundai Motor Group’s pledge to invest at least $10 billion in the U.S. to buy electric vehicles and related technologies.

Image Source: Reuters

Based on a source, Hyundai’s investment includes a $5.5 billion for an electric vehicle and battery factory in Georgia. In addition, Hyundai Chairman Eusiun Chung also said on May 22nd that his company would spend another $5 billion on artificial intelligence for autonomous vehicles and other technologies.

Biden said, “Electric vehicles are good for our climate goals, but they’re also good for jobs, and they’re good for business.” 

It is reported that, Biden has made greater economic cooperation with South Korea a priority, saying on Saturday that it will bring the two countries even closer together, strengthening the supply chains to combat against uncertain risk and providing competitive advantage to both countries’ economic.

It is worth mentioning that after Biden arrived in South Korea on the afternoon of May 20th, he immediately went to visit Samsung Electronics’ semiconductor factory in Pyeongtaek, Gyeonggi Province after getting off the plane. Biden said that he was very much looking forward to the completion of Samsung’s $17 billion semiconductor factory in the U.S.. Samsung has created 20,000 jobs, and the new investment is expected to create more than 3,000 jobs.

A foreign media commented that the major U.S. investment by a South Korean company was a reflection of how the countries are leveraging their longstanding military ties into a broader economic partnership. 

It was reported that, Biden ended his trip in South Korea on May 22nd and has flown to Japan for his second visit in Asia. The summit between Biden and Japanese Prime Minister Fumio Kishida is expected to be held on May 23rd, and Biden will also attend the US-Japan-Australia-India Quadrilateral Security Dialogue (QUAD) summit on the 24th. 


Proofread/Edited by: James L
Posted by: James L

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