WASHINGTON (AP) — The Latest on the U.S. visit of South Korea’s president (all times local):
South Korean companies say they plan to import more American shale gas and build new factories in the U.S. as the two countries’ leaders prepare to hold summit talks in Washington.
The Korea Chamber of Commerce and Industry said Thursday that major South Korean companies announced a slew of proposed investments and other good news for the American economy ahead of President Moon Jae-in’s meetings Friday with President Donald Trump.
Electronics conglomerate Samsung said it plans to spend $380 million on a home appliance factory in South Carolina and LG will put $250 million into a plant in Tennessee. Other companies announced plans to buy American crude oil, gas and aircraft.
The U.S. trade deficit with South Korea has nearly doubled since a bilateral trade agreement took effect in 2012.
South Korea’s president has begun a U.S. visit with an emotional tribute to Marines who fought in one of the fiercest battles of the Korean War that helped in the mass evacuation of Korean civilians, including his own parents.
President Moon Jae-in (MOON JAAH IHN) laid a wreath at a Marines base in Quantico, Virginia. A monument there marks the 1950 Battle of Chosin Reservoir, when heavily outnumbered American forces bought time for about 100,000 Korean civilians to be shipped out to safety.
Moon said that had it not been for their sacrifice, “my life would not have begun as it has and I would not be here today.” He was born in 1953 in South Korea.
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