WASHINGTON, USA – On Friday, May 21, US Commerce Secretary Gina M. Raimondo hosted a roundtable with Republic of Korea President Moon Jae-In, minister of trade, industry, and energy Sung Wook Moon and US and South Korean chief executive officer to demonstrate the importance of the economic relationship between the United States and South Korea, and in particular, significant cross-border investments in sectors critical to the long-term growth of both economies.
During the roundtable, the Republic of Korea companies announced plans to invest over $30 billion in the United States.
These investments included over $17 billion in semiconductor manufacturing, and over $14 billion in electric vehicles, electric vehicle battery production, and research and development. In addition, a partnership between healthcare companies of both countries will begin producing 40 million doses of COVID-19 vaccines for the Republic of Korea later this year.
Companies from the Republic of Korea in attendance included Hyundai Moto Group, LG Energy Solution, Samsung Electronics, Samsung Biologics, SK Group, SK Bioscience.
US companies in attendance included Ampere Computing, DuPont, General Motors, Novavax, and Qualcomm.
Following the roundtable, president Moon, minister Moon and secretary Raimondo released the following statement:
US Secretary of Commerce Gina M. Raimondo is honored to welcome president of the Republic of Korea Moon Jae-in and minister of trade, industry, and energy Moon Sung Wook. In the era of COVID-19 pandemic and climate change, the United States and the Republic of Korea recognize that the digital and low-carbon economy will continue to transform our societies and drive our shared economic prosperity.
Following our productive discussions with private companies from the semiconductor, battery, automobile, and bioscience industries (such as vaccines), we commit to supporting efforts that will ensure resilient supply chains of our critical industries that are the heart of innovation.
The mutual investments of private companies have long made critical contributions to the strength of our countries’ respective supply chains. The further collaboration between industry leaders from both countries will provide the best opportunity to ensure resilient supply chains and the competitiveness of our industries.
To promote the collaboration, the Ministry of Trade, Industry, and Energy (MOTIE) and the US Department of Commerce recognize the importance of public-private sector cooperation on personnel exchanges, joint research and development programs, and international standards development.
Both governments will continue to support international standards that facilitate trade and promote interoperability. In particular, it is Commerce and MOTIE’s shared intention to discuss the resiliency of supply chains in our bilateral commercial dialogue, meeting on a regular basis, to address current challenges and advance transformational technology.