Concerns brew over Korean firms’ US investment spree

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The story "Concerns brew over Korean firms’ US investment spree" was covered 1 months ago by Korea Economic Daily, a news publisher based in South Korea.

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Concerns brew over Korean firms’ US investment spree - Korea Economic Daily

Quick Summary:

Household names such as Samsung Electronics Co., Hyundai Motor Group, LG, Hanwha and CJ have pledged to put in a combined $103.2 billion to build manufacturing plants in the US, or to buy stakes in American companies, according to a poll recently conducted by The Korea Economic Daily.

Under the IRA, EVs using domestically-produced battery materials are eligible for tax credits.“Direct investing is an effective way not only to overcome trade barriers such as tariffs, but also to hedge against the uncertain trade environment,” said Heo Yoon, an international trade professor at Sogang University.“It is now important to customize business strategy to each country, abandoning globally standardized strategies.” SK Group is at the forefront of such trends.

It is more than double the $30.5 billion of inward foreign direct investments (FDI) to South Korea for all of 2022, including $8.7 billion from US companies.