Hyundai Motor of S Korea announces to invest $5bn in US for robotics, driving development

During United States President Joe Biden’s visit to Seoul, Hyundai Motor Group of South Korea announced on Sunday that it will invest an additional $5 billion in robotics as well as autonomous driving software development for the US. However, the group did not give any further information on the proposed investments, Yonhap News Agency reported. In a meeting with Biden in South Korea's capital Seoul, Hyundai Motor Group Chairman Euisun Chung made this announcement. 

Further, this came just a day after the South Korean automaker unveiled plans to invest $5.54 billion in a specialised electric vehicle and car battery production unit in Georgia, US, bolstering its electrification push in the world's largest automobile market, Yonhap News Agency reported

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On Saturday, Biden and his South Korean counterpart Yoon Suk-yeol conducted their first meeting in Seoul. Both presidents covered a variety of topics in the discussion, including North Korea's nuclear programs and supply chain vulnerabilities.  

US and South Korea agreed to create a new Indo-Pacific order

Following that, the South Korean President Suk-yeol claimed in a joint news conference that the two nations had agreed to create a new Indo-Pacific order. He also highlighted the Republic of Korea's (ROK) vision to become a global important state, focusing on advancing freedom, peace, and prosperity in the Indo-Pacific region and beyond. 

According to media reports, the two leaders also reiterated their commitment to a worldwide comprehensive strategic alliance based on common principles such as advancing democracy and the international rules-based order, combating corruption, and preserving human rights. During the press conference, Yoon commented, “Biden and I decided to engage in a closer relationship and we are ready to take our responsibility. Korea and the US will act closer and our friendship will help us achieve our shared goals."

Meanwhile, President Biden lauded his South Korean counterpart Yoon's initiative to take on additional regional and global obligations, as well as the ROK's leadership role in the Summit for Democracy. 

The two nations' presidents also underlined their commitment to ASEAN centrality and the ASEAN Indo-Pacific Outlook. They committed to strengthen their ties with Southeast Asian and Pacific Island nations in order to promote sustainable development, energy security, and high-quality, transparent investment, particularly in infrastructure. 

Furthermore, it is worth noting that on May 20, Friday, the first day of his tour, Biden paid a visit to a Samsung semiconductor facility in Pyeongtaek. He was joined by Yoon, and Lee Jae-yong, Vice Chairman of Samsung Electronics, gave them a personal tour of the sprawling site. Biden noted that this facility illustrates the deep innovation ties that exist between the US and South Korea. 

(Imge: AP/ Shutterstock)