️U.S. President Joe Biden met South Korean President Yoon Suk Yeol at the People's House inside the Ministry of National Defense, Saturday, May 21, 2022, in Seoul, South Korea.
U.S. President Joe Biden is in Seoul, South Korea, the first leg of his six-day trip to South Korea and Japan, meeting the newly inaugurated President Yoon Suk Yeol to highlight the U.S.-South Korea alliance and efforts to engage the region economically.
Upon landing at the U.S. Air Force’s Osan Air Base in Pyeongtaek, around 55 kilometers south of Seoul, Friday, Biden began immediately with a tour of the nearby Samsung Pyeongtaek Campus, the largest semiconductor plant in the world. The factory is a model for a $17 billion computer chip facility Samsung is building outside Austin, Texas.
In remarks following a tour of the plant showcasing the electronics company's new 3-nanometer chips, Biden called the U.S-South Korea alliance “a lynchpin of peace, stability and prosperity.” He and Yoon vowed to work together to strengthen supply chains of semiconductors and other critical components. There is currently a global shortage of chips – used in various electronic consumer goods and automobiles – aggravated by the pandemic.
Washington and Seoul are among each other’s largest trading and investment partners, with more than $62 billion of foreign direct investment by South Korean firms in the United States as of 2020.
The two leaders are meeting again Saturday, on a wider range of issues, including North Korea and the Indo-Pacific Economic Framework. The IPEF is the centerpiece of U.S. economic policy in the region since the Trump administration’s 2017 withdrawal from the Trans-Pacific Partnership, the free trade agreement the Obama administration launched in 2016.
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