In addition to the traditional military cooperation, the cooperation between the United States and South Korea in the field of economic security is increasing. At the end of his three-day visit to South Korea on May 22, US President Biden stressed the commitment of South Korean Hyundai Motor Group to invest at least US $10 billion in the United States to buy electric vehicles and related technologies.
Hyundai's investment includes $5.5 billion in Georgia to build an electric vehicle and battery factory, AP reported. In addition, euisun Chung, chairman of Hyundai Motor Group, also said on May 22 that the company would invest another $5 billion in technologies such as artificial intelligence needed for driverless cars.
Biden pointed out that "promoting the development of electric vehicles is conducive to achieving the goal of the United States in dealing with climate change and employment."
Biden has made strengthening economic cooperation with South Korea a priority, the report said. "This [economic cooperation] will bring our two countries closer together, help strengthen our supply chains, ensure that they are free from shocks and bring a competitive advantage to our economy," he said on May 21
It is worth mentioning that after Biden arrived in South Korea on the afternoon of May 20, he immediately went to visit Samsung Electronics's semiconductor factory in pingze, Gyeonggi province. Biden said, "we look forward to the completion of Samsung's $17 billion semiconductor plant in the United States. Samsung has created 20000 jobs and is expected to create more than 3000 jobs with new investment."
AP commented that the significant investment of Korean companies in the United States reflects that the United States and South Korea have established broader economic ties with the help of long-term military relations between the two countries.
According to Lianhe Zaobao, Biden ended his trip in South Korea on May 22 and has flown to Japan for his second stop in Asia. Biden is expected to hold a summit with Japanese Prime Minister Fumio Kishida on the 23rd. Biden will also attend the quadripartite security dialogue (Quad) summit between the United States, Japan, Australia and India on the 24th.