Biden leaves Seoul gifted with $10 bn investment pledge from Hyundai Motor

[Photo by Yonhap]

South Korea’s Hyundai Motor Group on Sunday pledged investment of another $5 billion in high-tech areas of robotics, autonomous vehicle solutions, artificial intelligence, and urban aerial mobility in the United States through 2025 on top of $5.54 billion electric vehicle project in Georgia.

Group chairman Chung Euisun gifted the additional investment plan as he saw off President Joe Biden wrap up his three-day visit to South Korea a day after the Korean auto group announced a $5.54 billion contract to create an EV-devoted smart manufacturing facility in the state of Georgia and $1 billion by Hyundai partners for battery production infrastructure behind annual 300,000 vehicles when the complex is complete in 2025.

“Electric vehicles are good for our climate goals, but they’re also good for jobs," Biden said. "And they’re good for business.

"I am confident that this new plant in Georgia will help us become a leader in the America automobile industry with regards to building high quality electric vehicles for our U.S. customers," Chung told reporters appearing with Biden after a separate meeting.

Biden squeezed in the meeting with Chung before he left Seoul after devoting his first evening in Korea at a chip complex of Samsung Electronics which earlier this year pledged $17 billion foundry project in Texas.

Business topped the summit agenda along with “extended deterrence” and enhanced military exercise scope against North Korean threat to underline a shift away from engaging policy towards Pyongyang and ambiguous stance amidst a hegemonic contest between the U.S. and China under South Korea’s new conservative president Yoon Suk-yeol.

Yoon, a prosecutor-turned president two weeks into the new office with no international or political experience, and Biden redefined bilateral ties as a “global comprehensive strategic alliance.” “This partnership should go beyond security in Korea to include cutting-edge technology and global strategic partnership,” Yoon said.

Biden responded, “Things have changed. There is a sense among the democracies in the Pacific that there’s a need to cooperate much more closely. Not just militarily, but in terms of economically and politically.”

He skipped the usual stop to the demilitarized zone or U.S. army post to spend time with businessmen in Korea and briefly visit the Air Operations Center’s Combat Operations before heading out to Tokyo for a summit of the Quadrilateral Security Dialogue.

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