Another 'Surprise Mention' of Korea by Biden... "US, the Safest Investment Destination"

U.S. President Joe Biden made a surprise mention of Korean companies' investment in the United States in front of Democratic members of the House of Representatives.

[Image source=Yonhap News]

On the 1st (local time), President Biden referred to the CHIPS Act at the Democratic House members' retreat held in Baltimore, Maryland, stating, "People come here because it is the United States."

He explained, "When I visited Korea, I asked businesspeople why they invest in the U.S. They answered that the U.S. has the most outstanding workforce in the world and is the safest place to invest." He also emphasized that $300 billion has been invested in U.S. manufacturing through the CHIPS Act legislation.

Korean companies' investment in the U.S. is a recurring topic whenever President Biden highlights his economic achievements during his term.

In May last year, as his first schedule during his visit to Korea, President Biden visited Samsung Electronics' Pyeongtaek semiconductor plant and met with Vice Chairman Lee Jae-yong. On the last day, he also met with Hyundai Motor Group Chairman Chung Eui-sun, urging Korean companies to expand their investments in the U.S. Two months later, in July, he held a virtual meeting with SK Chairman Chey Tae-won at the White House. Although an in-person meeting was initially planned, it was replaced by a virtual meeting after President Biden contracted COVID-19.

In his speech that day, President Biden repeatedly mentioned economic achievements, emphasizing his role as an economic president. He said, "I ran for president to rebuild the economy," and added, "I am tired of hearing about recessions." Regarding the Inflation Reduction Act (IRA), he praised it for "reducing the cost of living for working families and addressing climate change."

President Biden is expected to officially announce his re-election bid soon. Although it was initially anticipated that he would declare his intention to run early this year, the timing is reportedly being weighed due to unexpected setbacks such as the leak of classified documents during his vice presidency.

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