As U.S. President Biden and his counterpart Yoon Suk-Yeol grow closer, Hyundai and South Korea Inc will be happy to play third wheel, says KatrinaHamlin
, which were embroiled in a bitter legal dispute in American courts. The deal helped keep both Korean manufacturers on U.S. soil, easing concern that automakers could become too dependent on Chinese suppliers. Samsung, the world’s largest memory-chip maker, is also building a $17 billion semiconductor plant in Texas. As Biden and Yoon grow closer, South Korea Inc will be happy to play third wheel.- U.S. President Joe Biden began his inaugural trip to Asia on May 19 with a visit to South Korea.
- On the same day, he visited a Samsung Electronics semiconductor plant. The president was accompanied by the company’s Vice Chairman Jay Y. Lee after the executive was excused from attending an accounting fraud trial. - Biden also met with Hyundai Motor Group Chair Euisun Chung on May 22 in Seoul to thank him for a major investment in the state of Georgia.
- Hyundai Motor Group said on May 22 it will invest $5 billion in the United States by 2025 to strengthen collaboration with U.S. firms in advanced technology. On May 19, the group also announced plans to invest $5.5 billion in Georgia to build electric vehicle and battery facilities.Editing by Robyn Mak and Thomas ShumOpinions expressed are those of the author.
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