The White House has released a fact sheet enumerating a series of South Korea's plans to invest in the United States, saying US President Donald Trump secured "more billion dollar deals" during his state visit to Korea this week.
The release on Wednesday came as Trump is currently in South Korea for a two-day visit that ends Thursday. The deals included those that have already been announced by the South Korean industry following Trump's first summit with South Korean President Lee Jae Myung at the White House in August.
"President Trump's state visit to Korea reaffirmed the steadfast alliance between the United States and the ROK, while advancing US economic interests -- delivering tangible benefits for the American people," the White House said in the document. ROK is short for South Korea's official name, the Republic of Korea.
Among the deals listed in the fact sheet are Korean Air's plan to purchase 103 new Boeing aircraft valued at $36.2 billion, and the South Korean Air Force's selection of L3Harris Technologies to develop its new Airborne Warning and Control System aircraft in a $2.3 billion deal.
The White House also said that America's ReElement Technologies and POSCO International will partner to launch a vertically integrated, US-located rare earth separation, refining, and magnet production complex focused on high-value mobility magnets.
LS Group pledged to invest $3 billion by 2030 in US power-grid infrastructure, including undersea cables, power equipment, and winding wires, while LS Cable's US subsidiary, LS Greenlink, is building a $681 million manufacturing facility in Virginia, the White House said.
HD Hyundai and Cerberus Capital Management plan to partner on a $5 billion investment program to modernize American shipyards, strengthening supply chains, and applying new technologies, such as autonomous navigation, digitalization, and automation.
Samsung Heavy Industries and Vigor Marine Group will cooperate on naval vessel maintenance, repair, and overhaul, shipyard automation, and new construction of US-flagged vessels, the statement added.
It also noted that Hanwha Ocean announced a $5 billion infrastructure plan to strengthen Pennsylvania's Philly Shipyard workforce and increase its current production capacity more than tenfold.
The fact sheet also pointed out that the Korea Gas Corporation signed agreements to purchase about 3.3 million tons of US liquefied natural gas annually. (Yonhap)
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