S.Korean firms to invest $39 bil. in US

South Korean firms have revealed plans to invest 39.4 billion dollars to produce high-tech products in the US. The announcement was timed to coincide with South Korean President Moon Jae-in's meeting with US President Joe Biden in Washington.

Executives from conglomerates of the Asian country announced the investment during talks arranged by the two governments, ahead of the summit last Friday.

Samsung Electronics said it will spend 17 billion dollars to build a new chip plant.

Hyundai Motor has pledged 7.4 billion dollars to expand electric vehicle production and recharging infrastructure.

South Korea is highlighting its active support for the Biden administration's efforts to rebuild supply chains and reduce American dependence on Chinese firms.

The two leaders said in a joint statement that they agreed to increase the "resiliency" of supply networks, placing priority on sectors such as semiconductors, EV batteries, pharmaceuticals, and what they say are strategic and critical materials.