The White House says U.S. President Joe Biden will meet with Hyundai Motor Group Chairman Chung Eui-sun during his trip to South Korea.

U.S. National Security Advisor Jake Sullivan said on Thursday that President Biden will meet the chief executive in Seoul on Sunday to express gratitude for the company’s investment in the U.S. state of Georgia.

Last week, the Associated Press(AP) reported that Hyundai Motor Company will announce a plan during Biden's trip to invest some seven billion dollars in the state.

Georgia Governor Brian Kemp also said in a press release on Thursday that he would hold a news conference on Friday to make an important announcement at the factory’s intended site in Bryan County coinciding with Biden's Seoul trip. Hyundai Motor Company is widely expected to build an assembly plant at the site.

The plant will reportedly build electric vehicles and create some 85-hundred jobs.

Hyundai Motor Group earlier said it planned to invest seven-point-four billion dollars in the U.S. by 2025 to produce electric vehicles, with an aim to increase the portion of eco-friendly vehicles there to 50 percent by 2030.