While South Korean companies pledged at the summit US$150 billion in US investments, the countries also agreed to establish a non-binding agreement to steer US$350 billion of investment funds proposed by Seoul in July as part of a trade deal to cut threatened US tariffs on Korean goods.
Here are some of the investment plans announced as part of the summit.
US$150 billion in investments
South Korea’s business lobby group said companies would invest US$150 billion in areas such as artificial intelligence, chips, biotechnology, shipbuilding and nuclear power.
The group did not give a breakdown or a timeframe for the investments.
The investments by South Korean companies, already among the leading investors in the US, would be equivalent to about six times their US foreign direct investment in 2024 if pushed through.
Presidential adviser Kim Yong-beom previously said the investments would include some previously announced projects such as Samsung Electronics’ new chip factory in Texas and Hyundai Motor’s car factory in Georgia, as well as Hanwha’s plan to expand its US shipyard.
Aerospace
Korean Air, South Korea’s biggest carrier, announced the purchase of 103 Boeing aircraft worth US$36.2 billion, alongside a US$13.7 billion agreement with GE Aerospace for engines and maintenance services.
The deal is the largest single contract in the airline’s history, and separate from an order it signalled in March for up to 50 Boeing jets and GE engines.
Hyundai Motor Group
Hyundai Motor Group announced it will boost its US investment to US$26 billion from a previously announced US$21 billion between 2025 and 2028.
The plan includes building a new steel mill in Louisiana, expanding Hyundai Motor and Kia Corp’s US auto production capacity, and establishing a robotics hub with an annual output of 30,000 units.
Shipbuilding
Trump said during the summit the US would work with South Korea to revive the struggling US shipbuilding industry, saying the US would buy ships from South Korea but also get support to make ships in the country.
South Korea’s HD Hyundai, together with Korea Development Bank, signed a memorandum of understanding with US investment firm Cerberus Capital to create a multibillion-dollar joint fund aimed at strengthening US maritime capacity, including shipbuilding.
Samsung Heavy Industries and Vigor Marine Group also inked a preliminary deal covering maintenance and overhaul of US Navy support ships, shipyard modernisation and joint vessel construction.
LNG
State-run Korea Gas Corp reached long-term agreements with commodity trader Trafigura among others to import 3.3 million tonnes of liquefied natural gas (LNG) annually for about 10 years starting in 2028, mainly sourced from the US.
The long-term contracted LNG volumes are set to be supplied by Cheniere, the largest US LNG exporter, among others.
Nuclear energy
Korea Hydro & Nuclear Power and Doosan Enerbility joined with US partners X-energy and Amazon Web Services to cooperate on small modular reactor design, construction and supply chains.
Doosan Enerbility also struck an agreement with Fermi America to supply nuclear and SMR equipment for a Texas-based AI project, while KHNP and Samsung C&T signed a separate MOU with Fermi on the project’s construction.
In addition, KHNP agreed with Centrus a joint investment in a US uranium enrichment facility.
Critical minerals
Korea Zinc agreed with Lockheed Martin to supply germanium from 2028 under a long-term deal and to deepen supply chain cooperation in rare metals.
Non-binding deal on US$350 billion fund
South Korea last month agreed on a trade deal to cut tariffs in exchange for pledging to make separate US$350 billion investments, with the two sides deferring over details about the fund.
Kim said yesterday that South Korea plans to pursue a “non-binding” deal on the structure and operation of the fund.
“The ‘financial package’ would be used to support strategic industries such as key minerals, batteries, chips, pharmaceutical products, AI and quantum computing,” he said.