Samsung ups investment on US soil as meeting with Donald Trump draws near
Seoul — Samsung Electronics announced investments worth $1.9bn in two US plants as South Korean President Moon Jae-in prepares for a summit with US President Donald Trump. Samsung will spend $1.5bn on its semiconductor factory in Texas, US, and build a $380m plant in South Carolina for home appliances. Both investments will be carried out until 2020, according to statements from the company and South Korea’s chamber of commerce. The announcements come just ahead of Moon’s first summit with the US president, who has been a vocal critic of a free trade agreement and described it as a “a one-way street”. South Korea’s trade surplus with the US has doubled since before the agreement took effect in 2012, even though direct investment in the US rose more than 140% in the first quarter of 2017 compared with the same period in 2016, according to the Export-Import Bank of Korea. Samsung employs about 3,000 people in its Austin factory and has invested a total of $17bn since the plant began o...
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