Samsung Electronics, Hyundai Motor, opens new tab and other major South Korean manufacturers on Sunday unveiled domestic investment plans, as a US trade deal raised concern investment in the US could weaken manufacturing at home.
According to Reuters, Samsung Electronics will add a chip production line at its plant in the South Korean city of Pyeongtaek to meet rising demand amid the global boom in artificial intelligence, as part of the parent group's 450 trillion won ($310.79 billion) investments at home over the next five years, the company said.
Samsung's announcement came as South Korean President Lee Jae Myung held a meeting on Sunday with the country's business leaders, after a U.S. trade deal including a South Korean promise to invest $350 billion in U.S. strategic sectors was finalised on Friday.
"There are concerns that domestic investment might shrink as U.S.-bound investments strengthen," Lee said at the meeting, as he asked companies to consider domestic investments more.
The president also asked companies to consult with the government to make good use of the $350 billion investment package for their overseas investments.
"Samsung will raise domestic investment, create quality jobs for young people and make even more efforts for a win-win with small and medium-sized, as well as venture companies," Samsung Electronics Chairman Jay Y. Lee said.
At the meeting, Hyundai Motor Group, opens new tab announced domestic investments worth 125.2 trillion won from 2026 to 2030, while shipbuilders Hanwha Ocean, opens new tab and HD Hyundai, opens new tab also unveiled investment plans.
