The first face to face summit between the current leaders of South Korea and the U.S. led to a number of tangible outcomes, including a further bolstering of economic cooperation.
There will be close to 40 billion dollars of investments by Korean companies in America, but the question is which states that money will go to, and there’s a good chance it’ll be Texas. South Korean ministers held a briefing session today to share the results of the summit and discuss follow-up measures.
Trade Minister Moon Sung-wook said that the summit has allowed Korea and the U.S. to draw tangible achievements in the economic field, including the supply chain for key industries such as semiconductors. With South Korea’s major conglomerates unveiling their 39 billion U.S. dollars of investment plans in the U.S. during the summit, eyes are on which state will receive Samsung’s investment.
During a business roundtable the day before the summit, Samsung Electronics Vice Chairman Kim Ki-nam, said the company was planning to invest 17 billion dollars and build a foundry plant in the U.S. That figure accounts for the largest share of the investment pledged by Korean companies.
In a letter of investment intent submitted to the Texas government, Samsung expected that the additional construction of a foundry plant would bring an economic effect of near nine billion dollars to the local economy, and create around 20-thousand jobs.