Samsung Electronics, Hyundai Motor and other major South Korean manufacturers unveiled domestic investment plans on Sunday, after a trade deal with the United States raised concerns that investment in the US could weaken domestic manufacturing.
Thus, according to foreign media, according to Telegraph, Samsung Electronics will add a chip production line to its factory in the South Korean city of Pyeongtaek to meet growing demand amid the global boom in artificial intelligence, as part of the parent group’s 450 trillion won ($310.79 billion) investment in the country over the next five years, the company said.
Samsung’s announcement came as South Korean President Lee Jae Myung held a meeting Sunday with the country’s business leaders after a U.S. trade deal, including a pledge by South Korea to invest $350 billion in strategic U.S. sectors, was finalized on Friday.
“There are concerns that domestic investment may shrink while investment to the US strengthens,” Lee said at the meeting, while urging companies to give more consideration to domestic investment.
The president also urged companies to consult with the government to make the most of the $350 billion investment package for their investments abroad.
“Samsung will increase domestic investment, create quality jobs for young people, and make even more efforts for a mutual win with small and medium-sized companies, as well as large enterprises,” said Samsung Electronics Chairman Jay Y. Lee. /Telegraph/