8APRIL, 2025SAMSUNG PLANS $1 BILLION MANUFACTURING FACILITY IN THE PHILIPPINESHYUNDAI TO UNVEIL A $20 BILLION US INVESTMENT AND A NEW STEEL PLANTFrederick Go, the nation's economic czar, announced that Samsung, the South Korean multinational electronics giant, has plans to invest $1 billion in a manufacturing facility in the country. Go, special assistant to the president for investment and economic affairs, has said the investment is "under process," as the government works to finalize incentives to support the large investment.He expressed hopes that any negotiations may be settled within the first half of the year. The Samsung investment presence would be critical for positioning the Philippines as a main player in the global supply chain and encouraging more multinationals to do business in the country. Furthermore, the investment will aid the government in moving forward to improve the local manufacturing industry and establish the Philippines as a competitive manufacturing center for technology and innovation in Southeast Asia.Samsung manufactures a variety of goods, including smartphones, tablets, televisions, home appliances and semiconductor components. It is one of the largest electronics companies in the world and is best known for its Galaxy series smartphones and tablets, which actively compete with Apple's iPhone and iPad. Samsung is also a significant manufacturer of memory chips, processors and display panels, supplying other big tech manufacturers with components. A U.S. official stated that Hyundai Motor Group, based in South Korea, will announce a $20 billion investment in the country at the White House on Monday. The official stated that one part of the investment would be a new steel plant in Louisiana that is expected to cost $5 billion, with the announcement possibly being made by Donald Trump , Hyundai Chairman Euisun Chung and Louisiana Governor Jeff Landry.Landry traveled to South Korea in October and met Hyundai representatives to discuss the investment plan. Many companies have announced investment plans after Trump took back office, with some even incorporating plans already announced earlier. Earlier in November, Hyundai Steel said it was exploring an investment that would allow it to build a steel factory in the southeastern U.S., but no decisions had been made while they were also mentioning that U.S. tariffs would have adverse effects on the Korean steel sector.In 2022, Hyundai announced they would invest about $10 billion through 2025 but it is unclear if they have spent this investment or if all or part of the $20 billion investment announced Monday in Louisiana is covered, or counted, as part of the investment announced previously. Hyundai Motor said it would not comment. A representative from Hyundai Steel was not immediately available for comment.A U.S. official stated that Hyundai Motor Group, based in South Korea, will announce a $20 billion investment in the country at the White House on Monday. The official stated that one part of the investment would be a new steel plant in Louisiana that is expected to cost $5 billion, with the announcement possibly being made by Donald Trump , Hyundai Chairman Euisun Chung and Louisiana Governor Jeff Landry.Landry traveled to South Korea in October and met Hyundai representatives to discuss the investment plan. Many companies have announced investment plans after Trump took back office, with some even incorporating plans already announced earlier. Earlier in November, Hyundai Steel said it was exploring an investment that would allow it to build a steel factory in the southeastern U.S., but no decisions had been made while they were also mentioning that U.S. tariffs would have adverse effects on the Korean steel sector.In 2022, Hyundai announced they would invest about $10 billion through 2025 but it is unclear if they have spent this investment or if all or part of the $20 billion investment announced Monday in Louisiana is covered, or counted, as part of the investment announced previously. Hyundai Motor said it would not comment. A representative from Hyundai Steel was not immediately available for comment. TOP STORIES
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