The White House announced new South Korean investment commitments in the United States as bilateral trade negotiations concluded.
In a fact sheet released Wednesday titled “President Donald J. Trump Brings Home More Billion Dollar Deals During State Visit to the Republic of Korea," the White House said that Korean Air will purchase 103 new Boeing aircraft worth 36-point-two billion U.S. dollars, supporting up to 135-thousand jobs across the United States.
The White House said POSCO International and America’s ReElement Technologies will partner to launch a U.S.-based, vertically integrated rare earth separation, refining and magnet production complex focused on high-value mobility magnets.
According to the announcement, South Korea’s LS Group pledged to invest three billion dollars by 2030 in U.S. power grid infrastructure, and HD Hyundai and Cerberus Capital Management are pursuing a five-billion-dollar joint investment program to modernize U.S. shipyards and strengthen supply chains.
The fact sheet added that Korea Gas Corporation has committed to purchasing about three-point-three million tons of U.S. liquefied natural gas annually for ten years.