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Korea attracts US to invest billions

Like his predecessor Donald Trump, US President Joe Biden wants to boost GDP. South Korea expects billions in investment: Hyundai plans factory for Ionic 5 electric car, Samsung plans a chip foundry and solar power plant. The leaders of the two countries will meet at the end of May. Investing in vaccine poker can be an important chip.

Because the South Korean government is urgently looking for COVID-19 vaccines. Hope in Seoul: Washington will soon send surplus vaccines, but Korea will divert vaccine supplies in the opposite direction once its own production is complete and operational.

For the population, this is the most desirable outcome of the US-Korea summit scheduled for the end of May, according to a survey conducted by the Korean Industrial Association on behalf of the FKI: 31.2 per cent of respondents consider vaccination to be the most important target. The Reports Korea Jongan Daily. In second place (21.1%) is the improvement in relations between Korea and Japan, followed by economic problems. Only 14.8 percent have a name in improving relations with North Korea as the most important goal of the presidential meeting.

Samsung Electronics is said to be in the final stages of evaluating plans to build a semiconductor plant in Austin, Texas. The Announced TheKoreaTimes Quoting what was started. So it would cost $ 17.9 billion (.8 14.8 billion) to build a second factory in Austin. The group already operates a foundry in Austin, which makes chips for Apple, AMD and Qualcomm.

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The solar plan offered by Samsung C&T will be smaller. The group plans to build a total of 700 MW of solar cells in Mill County, Texas. The investment amounts to $ 673 million (556 million euros) and will be able to supply electricity for the first time in December 2023.

Hyundai Motors plans to build its new Ionic 5 electric car in Alabama, the report said. However, none of the named companies wanted to confirm their plans to the Korean newspaper. A new chip factory will definitely help the Korean carmaker because the current chip shortage led to a halt in production at Hyundai. The Kona and Ionic 5 cars could not be built in Ulsan for eight days.

According to a newspaper report, the South Korean government is considering releasing a key culprit and taking him to meet Biden to obtain US vaccines: Earlier this year, Samsung heir Lee Jae-yong was jailed for two and a half years for bribery. In addition, the Samsung manager is facing charges of stock handling and account fraud. But of course the planned “factory billions against vaccine debt” deal is likely to succeed only if investor Samsung clearly pulls the same rope in the same direction.


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