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Biden hails achievement in winning investments from S. Korea

Biden hails achievement in winning investments from S. Korea

Posted September. 07, 2022 08:04,   

Updated September. 07, 2022 08:04


U.S. President Joe Biden is highlighting the reinvigoration of the U.S. manufacturing industry powered by investments made by South Korea, a semiconductor and battery power. This is to gain an upper hand in the upcoming midterm election in November by touting economic achievements made under his administration.

On his Labor Day speech in Milwaukee, Wisconsin on Monday, President Biden said that manufacturers all over the world are coming to the United States, from Korea, from Japan, and from all over the world. Biden also quoted the head of an outfit out of Korea who told that the U.S. has the safest environment and the best workers in the world. Further, President Biden got a big applause when he said that well over 100 billion dollars have been invested in the U.S. by Korea and other countries. “We’re going to build the future in America with American workers in American factories using American-made products,” highlighted the American president.

President Biden mentioned the CHIPS and Science Act, which provides 52.7 billion dollars with the U.S. semiconductor industry, as the reason for global enterprises making investments in the U.S. “I signed the CHIPS and Science Act, a groundbreaking law. We’ll once again manufacture semiconductor chips that power everyday – everything - our smartphones, dishwashers, automobiles, national security stuff - right here in America. Guess what? We invented it here in America,” asserted President Biden in applause.

President Biden also unveiled a plan to go to Ohio for the groundbreaking of a 20-billion-dollar semiconductor manufacturing plant by Intel. The company announced that it would create thousands of jobs, including those for blue-collar workers who will make 125,000 jobs. Micron, the only American memory-chip maker, also announced that it would make 15 billion dollars in investment for the next decade to build a new memory chip plant in the U.S., which will be the first of its kind in 20 years.

With official campaign having been officially set off for the November midterm elections, President Biden is actively touting his achievements represented by the CHIPS and Science Act and the Inflation Reduction Act (IRA), which offers tax credits for only electric vehicles made in North America. With inflation and concerns about economic recession slowing down, President Biden hails efforts made for revitalization of the U.S. manufacturing industry and job creation under his administration as a major campaign agenda. “Electric vehicles and semiconductors will be made right here in America,” said Biden in his statement on the Micron’s investment. President Biden said on his twitter that IRA will offer working families benefits.

Hyoun-Soo Kim kimhs@donga.com