21 May 2021
SAMSUNG ELECT LTD (F) (SSNLF), EI du Pont de Nemours and Company (NYSE: DD) – South Korea seeks US incentives to boost investment from companies like Samsung: Reuters
- South Korea has sought US incentives such as tax deductions and infrastructure construction to boost US investment by Korean companies, including Samsung Electronics Co Ltd (OTC: SSNLF), Reuters reports.
- South Korean President Moon Jae-in spoke about the mutual benefits of supply chain consolidation during a US summit with President Joe Biden in the presence of respective trade officials and Qualcomm Inc (NASDAQ: QCOM) and CEO of Samsung.
- Biden has already proposed a $ 50 billion spending plan to boost semiconductor manufacturing in the United States.
- Samsung has selected Austin for a $ 17 billion plant to boost chip production in the United States.
- The US Department of Commerce and the Korea Department of Industry have agreed on the importance of incentive support, joint research and development, cooperation on standard setting, as well as training and labor exchanges.
- DuPont de Nemours Inc (NYSE: DD) plans to establish a South Korean R&D center for the development of original chip technology, including photosensitive resin for extreme ultraviolet (EUV) lithography.
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