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Samsung on Representing the Value of a Strong U.S.-South Korean Relationship
9/17/2018
(L to R): Dr. David Steel, Executive Vice President and Head of Corporate Affairs, Samsung Electronics North America; Dr. Satu Limaye, Director, East-West Center in Washington; Minister Young Jin Jang, Economic Affairs, Embassy of the Republic of Korea (photo by East-West Center in Washington)
This past week, I had the distinct honor of joining the East-West Center in Washington on Capitol Hill for the launch of a new publication, Korea Matters for America/America Matters for Korea, which highlights the vital U.S.-Korea partnership at the national, state and local levels.
Born out of American involvement in the Korean War and the rebuilding efforts that followed, a unique partnership forged between our two countries has enabled Samsung and companies like it to not only persevere, but to thrive.
In my over 20 years at Samsung, I’ve seen this relationship blossom firsthand and as we as a company mark our 40th anniversary in America. Our commitment to investment and growth in the United States is stronger than ever.
In the past 15 years, two-way trade between both countries has increased by 117 percent[1], and South Korea is now the sixth largest trading partner of the U.S. As the 1st and 11th largest economies in the world, our two nations are more closely tied than they’ve been at any point in South Korea’s history.
Source: Korea Matters for America 2018
Speaking on a panel that included representatives from The Heritage Foundation, the Korea Economic Institute and the Office of the United States Trade Representative, I was given the opportunity to reflect on what the U.S.-South Korea relationship means for Samsung and why it must be maintained.
Since 2016, Samsung has strengthened our roots here by completing the $8 billion acquisition of HARMAN; announcing a brand new, $380 million home appliance manufacturing facility in South Carolina; and announcing a $1 billion expansion of Samsung Austin Semiconductor (SAS) in Austin, Texas. In fact, our investment in Harman was the largest[2] foreign investment ever made by a Korean company. And our total investment of $17 billion[3] into SAS is the largest single-site Federal Direct Investment in United States history.
