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Factbox-South Korean firms pledge $150 billion in US investments at summit


Factbox-South Korean firms pledge $150 billion in US investments at summit

SEOUL (Reuters) -South Korea touted a broad range of U.S. investment plans by its companies at Monday's summit between U.S. President Donald Trump and South Korean President Lee Jae Myung, spanning shipbuilding, nuclear energy, aerospace, energy and critical minerals.

While South Korean companies pledged at the summit $150 billion in U.S. investments, the countries also agreed to establish a non-binding agreement to steer $350 billion of investment funds proposed by Seoul in July as part of a trade deal to cut threatened U.S. tariffs on Korean goods.

Here are some of the investment plans announced as part of the summit.

$150 BILLION IN INVESTMENTS

South Korea's business lobby group said companies would invest $150 billion in areas such as artificial intelligence, chips, biotechnology, shipbuilding and nuclear power. The group did not give a breakdown or timeframe for the investments.

The investments by South Korean companies, already among the leading investors in the United States, would be equivalent to about six times their U.S. foreign direct investment in 2024 if pushed through.

Presidential adviser Kim Yong-beom previously said the investments would include some previously announced projects such as Samsung Electronics' new chip factory in Texas and Hyundai Motor's car factory in Georgia, as well as Hanwha's plan to expand its U.S. shipyard.

AEROSPACE

Korean Air, South Korea's biggest carrier, announced the purchase of 103 Boeing aircraft worth $36.2 billion, alongside a $13.7 billion agreement with GE Aerospace for engines and maintenance services. The deal is the largest single contract in the airline's history, and separate from an order it signalled in March for up to 50 Boeing jets and GE engines.

HYUNDAI MOTOR GROUP

Hyundai Motor Group announced it will boost its U.S. investment to $26 billion from a previously announced $21 billion between 2025 and 2028.

The plan includes building a new steel mill in Louisiana, expanding Hyundai Motor and Kia Corp's U.S. auto production capacity, and establishing a robotics hub with an annual output of 30,000 units.

SHIPBUILDING

Trump said during the summit the U.S. would work with South Korea to revive the struggling U.S. shipbuilding industry, saying the U.S. would buy ships from South Korea but also get support to make ships in the country.

South Korea's HD Hyundai, together with Korea Development Bank, signed a memorandum of understanding with U.S. investment firm Cerberus Capital to create a multibillion-dollar joint fund aimed at strengthening U.S. maritime capacity, including shipbuilding.

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