US IRA 1 Year... "Korea Records Highest Number of Investment Cases in the US"

Analysis shows that South Korea announced the largest number of major investment plans in the U.S. during the first year of implementing the Inflation Reduction Act (IRA) and the CHIPS and Science Act (CSA), the flagship policies of "Bidenomics."

According to major foreign media on the 17th (local time), counting only foreign companies' U.S. investment plans of $100 million (approximately 134 billion KRW) or more announced since last August, South Korean companies led with 20 investment projects.

Following South Korea, companies from European Union (EU) member countries ranked second with 19 projects. Japan (9 projects), Canada (5 projects), and Taiwan (3 projects) followed.

Despite worsening U.S.-China relations, some Chinese companies announced U.S. investments, but most were small in scale. Only three projects exceeded $100 million.

President Joe Biden is delivering a speech at the Inflation Reduction Act (IRA) 1st anniversary event held at the White House in Washington DC on the 16th (local time). At the event, President Biden mentioned the job and investment situation, emphasizing, "This law is one of the major drivers of American jobs and economic growth." [Image source=Yonhap News]

Foreign media reported that over the past year, U.S. manufacturing attracted investments totaling at least $224 billion (approximately 300 trillion KRW) across at least 110 projects.

President Biden, ahead of his 2024 re-election bid, has been vigorously promoting the one-year achievements of the IRA, a core part of Bidenomics. At an event held at the White House on the IRA’s first anniversary, he stated, "This law is one of the biggest drivers of American jobs and economic growth," emphasizing that the IRA, known as the 'Manufacturing Renaissance Act,' brings jobs back to America and ensures products are made in the U.S."

However, unlike the Biden administration’s self-praise of the IRA’s achievements, voter evaluations remain harsh. Various polls show public support for President Biden’s economic policies hovering in the 30% range. Additionally, by providing subsidies only for North American-made electric vehicles, the U.S. has drawn complaints from allied governments and companies in South Korea, the EU, and others. Criticism has also been raised that the IRA, along with the CSA, triggers a subsidy arms race among countries.

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