{"id":2200828,"date":"2023-04-26T19:30:20","date_gmt":"2023-04-26T10:30:20","guid":{"rendered":"https:\/\/koreapro.org\/?p=2200828"},"modified":"2023-04-27T19:25:24","modified_gmt":"2023-04-27T10:25:24","slug":"how-yoon-biden-summit-masks-south-koreas-growing-concerns-over-us-intentions","status":"publish","type":"post","link":"https:\/\/koreapro.org\/2023\/04\/how-yoon-biden-summit-masks-south-koreas-growing-concerns-over-us-intentions\/","title":{"rendered":"How Yoon-Biden summit masks South Korea\u2019s growing concerns over US intentions"},"content":{"rendered":"
The U.S. and South Korea have announced a series of significant investments across various sectors in recent days, and these agreements, timed with ROK President Yoon Suk-yeol\u2019s state visit to Washington, have underscored efforts to bolster economic ties at the same time as the allies seek to reinforce their security relationship.<\/span><\/p>\n Notably, the deals will see South Korea\u2019s presence in the U.S. electric vehicle (EV) battery market continue to grow.<\/span><\/p>\n But the flurry of announcements has also served to paper over major challenges in the countries\u2019 economic ties, as Washington\u2019s push to contain China has impacted ROK firms as well. And the resultant feelings of discontent now simmering in South Korea risk causing more problems for the alliance down the road.<\/span><\/p>\n DEEPENING ECONOMIC TIES<\/b><\/p>\n During the state visit, a consortium of American high-tech firms unveiled <\/span>plans to invest<\/span><\/a> a combined $1.9 billion in South Korea, targeting areas such as clean hydrogen fuel, semiconductors and environment-friendly facilities. One planned joint project \u2014 <\/span>small modular reactors (SMRs)<\/span><\/a> \u2014 has the potential to revolutionize the energy industry and contribute to decarbonization efforts.<\/span><\/p>\n These investments aim to strengthen supply chain collaboration and facilitate eco-friendly energy transitions.<\/span><\/p>\n Further, Netflix\u2019s pledge to <\/span>invest<\/span><\/a> $2.5 billion in Korean content over the next four years following a meeting between Yoon and its co-CEO Ted Sarandos will provide a significant boost to the Korean entertainment industry.<\/span><\/p>\n South Korean businesses have also pledged to invest in the U.S. market. In response to the U.S. Inflation Reduction Act (IRA), companies like SK On and Hyundai Motor and their affiliates plan to invest <\/span>$5 billion<\/span><\/a> in an electric vehicle (EV) battery plant in Georgia. Additionally, Samsung SDI and General Motors are collaborating on a <\/span>$3 billion<\/span><\/a> battery plant in the U.S.<\/span><\/p>\n These substantial investments demonstrate South Korea\u2019s dedication to the EV battery market and its strategic positioning within the U.S. supply chain.<\/span><\/p>\n