Heads of South Korea’s leading companies accompanying President Moon Jae-in in his first state visit to the United States are expected to pursue a series of business deals with their American counterparts in a show of their commitment to increasing investment in the world’s biggest economy.

During Moon’s five-day visit to the U.S., SK Group is scheduled to sign a memorandum of understanding (MOU) with General Electric (GE) to cooperate on building a liquefied natural gas-fueled power plant in the U.S., according to sources from the business circle on Monday. SK will be leading the construction and operation of the power plant while GE raises funds needed for the construction and provide related equipment.

State-run Korea Gas Corp., which has announced its plan to start imports of its first U.S. shale gas next month, reportedly will also enter into an agreement on a liquefied natural gas field development project in North America.

Korean tech giant Samsung Electronics is also expected to officially announce its plan to open its first home appliance plant in the U.S. this week. It is reported that the company will open its plant in Newberry, South Carolina and invest $300 million to manufacture home appliance like washing machine and refrigerator.

Another electronics giant LG Electronics that signed an MOU with the state of Tennessee earlier this year to build home appliances manufacturing plant in Clarksville, Tennessee will purportedly finalize the contract soon. The company plans to start the construction of the manufacturing plant by September with an aim to roll out washing machines in 2019. It will invest a total of $250 million on the project that is expected to create at least 600 full-time jobs.

Hyundai Motor Group has already pledged to make an investment of $3.1 billion in the U.S. over the next five years. The investment will be made in research and development projects on future driving technology such as eco-friendly cars and self-driving vehicles as well as upgrading its car manufacturing facilities in the U.S.

A series of investment plans by Korean firms in the U.S. have been announced after U.S. President Donald Trump has pressed foreign companies to increase investment in the U.S. or American companies to return home to boost local economy.

A total of 52 business delegates including chief executives of the country’s major conglomerates like Samsung, LG, and SK will depart for Washington on Wednesday with President Moon for his five-day visit to the U.S.

표



.To invest $300 million to open a home appliance factory in Newberry, South Carolina

.May use Caterpillar Inc.’s old factory site to cut down cost and time



.To invest $3.1 billion investment on eco-friendly and self-driving cars projects

.Mulls to ramp up its production lines in the U.S.



.To sign an MOU with GE on LNG power plant construction & operation project

.SK Engineering & Construction currently is building an LNG plant in Louisiana



.Signed an MOU worth $250 million to build a home appliance plant in Clarksville, Tennessee



.To sign a contract with shale gas developer Delfin LNG on procuring up to 1.5 million tons of gas annually for the next 20 years

.In talks with Delfin LNG for possible investment in Hanyang’s LNG terminal construction project



.To ink an agreement with a U.S firm on co-developing LNG gas field in North America

.Recently entered into a contract to import $2.8 million tons of shale gas every year from the U.S for next 20 years

By Jung Wook and Ko Jae-man

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