SEOUL, Korea, Republic Of – South Korean companies say they plan to import more American shale gas and build new factories in the U.S. as the two countries’ leaders prepare to hold summit talks in Washington.
The Korea Chamber of Commerce and Industry said Thursday that major South Korean companies announced a slew of proposed investments and other good news for the American economy ahead of President Moon Jae-in’s meetings Friday with President Donald Trump.
Electronics conglomerate Samsung said it plans to spend $380 million on a home appliance factory in South Carolina and LG will put $250 million into a plant in Tennessee. Other companies announced plans to buy American crude oil, gas and aircraft.
The U.S. trade deficit with South Korea has nearly doubled since a bilateral trade agreement took effect in 2012.