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South Korea to buy American gas, invest billions in U.S. economy

Staff Writer |
South Korean companies have announced major investments in the United States and plan to import more American shale gas.

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The countries' two leaders are preparing to hold summit talks in Washington on Friday.

According to South Korea’s Yonhap News Agency, the business delegation accompanying President Moon Jae-in has said it will pour $12.8 billion into the U.S. economy in the next five years.

The delegation is made up of top executives from 52 South Korean companies such as Samsung, LG, SK, and Doosan.

The investment projects will cover the construction of new production facilities and research centers, as well as mergers and acquisitions. An additional $22.4 billion will be spent on buying aircraft and other American products and resources.

Samsung said it plans to spend $380 million to construct a new home appliance factory in South Carolina and $1.5 billion at its semiconductor plant in Texas.

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