U.S. President Donald Trump thanked major Korean companies for their investment in the U.S.
In a meeting with South Korean companies that took place at 10 a.m. on June 30, Trump expressed his closeness to business leaders and Lotte Group Chairman Shin Dong-bin in particular.
"Lotte Group Chairman Shin Dong-bin has done something so great, and I think we should talk together. Shin visited Washington last month and invested 3.6 trillion won in the U.S. I'm very grateful," Trump said.
In May, Lotte invested $3.1 billion to set up an ECC plant in Louisiana. That's why President Trump praised Chairman Shin among the businessmen who attended the meeting.
Before attending the meeting, Shin told reporters that he is considering making additional investments in the U.S. "We are currently working on hotel businesses in western Los Angeles and San Francisco after the Louisiana plant," a Lotte official said.
"A great leader led by Hyundai, Samsung, CJ, Doosan and SK are here," Trump said. "The companies I mentioned have invested a lot in the U.S."
In fact, major conglomerates such as Samsung Electronics and Hyundai Motor Group, SK Group and LG Group are moving to expand their investment in the U.S. in line with the improved investment environment in the U.S.
Samsung Electronics is planning to build a home appliance plant in South Carolina and start operation soon. It is also expected to invest $1.5 billion in the Austin semiconductor plant in Texas by next year to expand production facilities.
In May, LG Electronics spent $360 million to complete a washing machine plant in Clarksville, Tennessee, in the southern U.S., that produces 1.2 million units of premium washing machines a year.
Hyundai has been running since 2005, manufacturing facilities in Alabama. SK Innovation, an energy intermediate holding company of SK Group, will build an electric vehicle battery plant in Georgia. Doosan invested 5 trillion won in 2007 to take over the U.S. construction machinery division of Ingersoll Rand.
Hanwha Q Cell Korea signed an MOU with Georgia to build a solar module production plant. GS EPS, a power generation affiliate of GS Group, became the first South Korean private power company to enter the U.S. power market. SPC Group, a food company, also plans to open 2,000 Paris Baguette stores across the U.S. by 2030 to create 60,000 jobs.
According to the Bank of Korea, the nation's direct investment in the U.S. hit an all-time high of $94 billion last year.