Korean biz groups examine US operations, investments ahead of Biden visit
U.S. President Joe Biden delivers remarks during the National Peace Officers' Memorial Service at the U.S. Capitol in Washington, May 15. Major South Korean business groups have begun reassessing their U.S. operations and investments as the upcoming summit between South Korea and the U.S. is expected to strengthen cooperation in key sectors and global supply chains. AFP-Yonhap
Major South Korean business groups have begun reassessing their U.S. operations and investments, industry officials said Monday, as the upcoming summit between South Korea and the U.S. is expected to strengthen cooperation in key sectors and global supply chains.
President Yoon Suk-yeol is set to hold his first summit with his U.S. counterpart Joe Biden in Seoul, Saturday.
The two are expected to discuss a range of topics, including North Korea's missile and nuclear weapons programs, cooperation in supply chain issues, emerging technology and other areas of economic security.
During Biden's visit, business leaders of the two countries are scheduled to hold a roundtable meeting at a Seoul hotel Saturday to discuss cooperation.
Top executives of South Korea's five largest business groups ― Samsung, SK, Hyundai Motor, LG and Lotte ― are expected to participate in the event, along with Industry Minister Lee Chang-yang and U.S. Commerce Secretary Gina Raimondo.
It remains unclear whether Biden will attend the event, according to an informed official.
Still, Biden could meet with top business executives individually. Lee Jae-yong, vice chairman of Samsung Electronics, is one of the most likely candidates to meet with Biden.
Talks are reportedly underway for Biden to visit Samsung's chip plant in Pyeongtaek, south of Seoul, during his visit. Lee is expected to give Biden a tour of the factory in person if the schedule is confirmed.
In November, Samsung Electronics selected the city of Taylor in Texas as the site of its new $17 billion chip fabrication plant in a move to boost production amid a global chip shortage.
Hyundai Motor is reportedly preparing to announce its plan to build a new electric vehicle plant in the U.S. during Biden's visit.
The company already has a plant in Atlanta, and its affiliate Kia has a factory in Georgia.
An industry official said it was most likely that other companies could either speed up or expand previously announced U.S. plans, as opposed to making new announcements. (Yonhap)