President Moon Urges US Government to Support Investment Incentives for Korean Companies (Summary 2)

Korea-US Business Roundtable, Economic and Trade Diplomacy to Strengthen Economic Cooperation

[Asia Economy Reporter Ryu Jeong-min] On the morning of the 21st (local time), President Moon Jae-in attended the "Korea-US Business Roundtable" held at the US Department of Commerce and urged, "Please make efforts by the US government for investment incentives, such as stable supply of electricity and water, as well as stable supply of infrastructure and materials." President Moon said, "Then our companies will invest more."

President Moon said, "I hope today's discussions will develop so that more investments are made between the two countries, and exchanges and cooperation will spread across all industries, including semiconductors, batteries, automobiles, and the establishment of vaccine partnerships."

US Secretary of Commerce Gina Raimondo said, "We are very pleased with the investments of Korean companies," and pledged, "We will actively support the incentives, water, raw materials, and other infrastructure support that Korean companies require." In addition, Secretary Raimondo added, "The Biden administration has a large-scale support plan of $50 billion in the semiconductor sector and will not disappoint."

[Image source=Yonhap News]

Minister of Trade, Industry and Energy Moon Seung-wook said, "If global companies from both Korea and the US actively invest in each other and vigorously engage in essential cooperation such as joint R&D, the manufacturing and innovation capabilities will create synergy."

Jung Man-ho, Senior Secretary for Public Communication at the Blue House, said, "Considering the need for close cooperation in economic, trade, and investment fields between the two countries, businesspeople from both countries presented various opinions and plans at today's face-to-face event."

Chairman Chey Tae-won of SK said, "I lead a company that operates in semiconductors, batteries, and bio. We will expand investment in the three major focus industries toward the US and promise to provide quality jobs to American society and citizens. We will also focus on environmental issues."

Vice Chairman Kim Ki-nam of Samsung Electronics said, "We will actively support securing the semiconductor supply chain, which is very important for the development of the IT industry. Through a strong Korea-US alliance, we will find a path to innovation by growing together with American companies." He added, "We are planning a foundry investment worth $17 billion. Through this, we will contribute to the economies of both countries."

President Gong Young-woon of Hyundai Motor Company said, "We will respond to climate change by expanding hydrogen technology and invest $7.4 billion by 2025 to accelerate the development of future technologies such as electric vehicles, hydrogen cooperation, robotics, and autonomous driving. We will establish a stable eco-friendly vehicle production base by next year."

[Image source=Yonhap News]

President Kim Jong-woon of LG Solutions emphasized, "LG's battery investment in the US is the history of the US battery industry. We request active support from the US federal government in the battery sector, similar to semiconductors. Support measures for core raw materials and components are also necessary."

John Rim, President of Samsung Biologics, said, "We are the world's number one single factory in the bio contract manufacturing organization (CMO) sector. We have opened an R&D center in San Francisco to strengthen partnerships between the two countries, and we will further strengthen new cooperation with American companies in the bio field."

CEO Ahn Jae-yong of SK Bioscience pledged, "We will closely cooperate with Novavax to soon establish a stable vaccine production base. We will strengthen advanced biotech partnerships with the US to protect humans from viruses."

Steve Mollenkopf, CEO of Qualcomm, said, "We have been with Korea since the early development of the information and communication industry and are investing in Korean small and medium venture companies. We will continue to increase investments in the future." Stanley Erck, CEO of Novavax, said, "We will build a safe production base through technology transfer and production agreements in Korea. We will also strengthen partnerships for smooth supply of raw and subsidiary materials. We hope for support from both the Korean and US governments."

Edward Breen, CEO of DuPont (participating via video), said, "We will expand investment in essential semiconductor materials and components sectors in Korea, such as establishing an R&D center for developing core technologies like EUV photoresists." Ren? James, CEO of Ampere Computing, explained, "We are a young company founded three and a half years ago. We conduct 100% of assembly testing in Korea and are achieving great results with high-quality labor."

Steve Kiefer, President of GM International (participating via video), said, "We are building the latest battery production system with LG and appreciate the cooperation so far. Through Korea-US joint ventures, we will build innovative solutions to create electric vehicles for a new era."

This content was produced with the assistance of AI translation services.