December 04, 2024

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[THE INVESTOR] Major Korean corporates including Samsung Electronics, Hyundai Motor, SK and LG pledged to spend more than US$35 billion in the US in five years, prior to President Moon Jae-in’s first visit to the US, according to Korea Chamber of Commerce and Industry on June 29. 

Samsung Electronics announced that it will invest US$380 million to build a home appliance factory in South Carolina, its first in the US. The tech giant has also earmarked US$1.5 billion for its semiconductor plant in Austin, Texas, by 2020. 

LG Electronics is building a US$250 million home appliance factory in Tennessee with capacity to manufacture 1 million washing machines a year, and US$300 million headquarters in New Jersey, both by 2019.

SK plans to spend US$4.4 billion in the coming five years to further expand into the energy sector where it already has shale gas and LNG projects in Oklahoma and Texas. It has inked an MOU with GE and Continental Resource. 

Hyundai Motor Group pledged that to spend US$3.1 billion to develop new automobiles and engines and advanced technologies including those for self-driving. 

Doosan, CJ, LS and GS groups also unveiled plans to expand investments in the US while small and medium tech firms, such as CrucialTec and Exicon will further accelerate their foothold in the market, either through advancing technologies or securing labs and manufacturing facilities. 

By Hwang You-mee (glamazon@heraldcorp.com)