South Korean companies plan to invest approximately $150 billion in the United States, the chair of a business association said Monday, on top of the country's earlier pledge to invest $350 billion there as part of a trade deal that helped lower the US' reciprocal tariffs for South Korea.
Ryu Jin, chairman of the Federation of Korean Industries, announced the combined amount of investment pledge on behalf of South Korean companies during a business roundtable held between the business executives of the two countries.
The event was attended by business executives and senior officials of the two countries, including Samsung Electronics Chairman Lee Jae-yong, US Secretary of Commerce Howard Lutnick and Nvidia CEO Jensen Huang.
"To open a new era of renaissance in the manufacturing industry and lead the global market with the United States, South Korean companies are planning a combined investment of $150 billion in the US," Ryu told the meeting, according to the FKI.
The FKI chief emphasized that such a breakthrough can be achieved when the two countries join forces in a wide range of areas, including artificial intelligence, semiconductors and biotechnology, along with strategic industries, such as shipbuilding and nuclear energy.
"When the innovative capability of the United States combines with South Korea's advanced manufacturing technology, the two countries will become partners that create the best synergy," Ryu was quoted as saying.
The FKI said South Korean and US business officials also exchanged ideas on enhancing collaboration in supply chains for mobility, batteries and key material industries at the business roundtable.
In addition, the two sides shared ideas on advancing the manufacturing sector with cutting-edge technologies, along with measures to address energy demand in the era of AI, according to the FKI.
The two countries also reaffirmed their commitment to strengthening ties in the shipbuilding sector, which US President Donald Trump has stressed as a key strategic industry.
Last month, Seoul and Washington reached a bilateral trade agreement that set a 15 percent tariff on South Korean exports to the US, against the initially announced 25 percent, in exchange for South Korea's pledge to invest $350 billion in the US shipbuilding, energy and other sectors. (Yonhap)
