Samsung Group and SK Group were among four of South Korea’s biggest companies that pledged to invest about US$550 billion in the country after meeting with President Lee Jae-myung, who is seeking to shore up the economy following a trade deal with the US.
Samsung’s affiliates will invest 450 trillion won (US$309.5 billion) in the country, including in artificial intelligence (AI) infrastructure and research and development, over the next five years, according to a statement from Samsung Electronics Co. Hyundai Motor Group pledged 125.2 trillion won over the same period.
SK Group reiterated plans to invest 128 trillion won in AI, chips, energy and biotechnology through 2028. LG Group reaffirmed investment plans of 100 trillion won, mostly on materials, parts and equipment, between last year and 2028.
Photo: EPA/YONHAP
The announcements came after a trade deal with the US sparked concerns over low domestic investment and the nation’s currency. South Korea previously agreed to channel US$350 billion into strategic US industries as part of the trade agreement.
Lee met with business leaders including Samsung’s Jay Y. Lee, Hyundai Motor Co’s Euisun Chung, LG Group’s Koo Kwang-mo and SK Group’s Chey Tae-won. The South Korean leader urged them to expand domestic investment and offered government assistance. He suggested that Seoul could adopt new forms of support, such as purchasing subordinated bonds issued by companies or assuming first-loss positions.
Separately, Japan’s economic stimulus package will exceed 17 trillion yen (US$110 billion), Japanese Minister of Finance Satsuki Katayama said after meeting with Prime Minister Sanae Takaichi, the Nikkei business daily reported yesterday.
Since taking office last month, Takaichi has pledged to compile a sizeable package of spending measures to cushion the economic blow from rising living costs, and boost investment in growth areas such as AI and semiconductors.
The administration is expected to finalize the package with approval by the cabinet on Friday.
Additional reporting by Reuters
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