Samsung, Hyundai announce domestic investments after US-South Korea trade deal

SEOUL, Nov 16 (Reuters): Samsung Electronics , Hyundai Motor and other major South Korean manufacturers on Sunday unveiled domestic investment plans, as a US trade deal raised concern investment in the US could weaken manufacturing at home.
Samsung Electronics will add a chip production line at its plant in the South Korean city of Pyeongtaek to meet rising demand amid the global boom in artificial intelligence, as part of the parent group's 450 trillion won ($310.79 billion) investments at home over the next five years, the company said.
Samsung's announcement came as South Korean President Lee Jae Myung held a meeting on Sunday with the country's business leaders, after a US trade deal including a South Korean promise to invest $350 billion in US strategic sectors was finalised on Friday.