Benzinga | May 21, 2021 03:27PM EDT

South Korea Seeks US incentives To Drive Investment from Firms Like Samsung: Reuters

* South Korea sought U.S. incentives like tax deductions and infrastructure construction to drive Korean firms' U.S. investment, including Samsung Electronics Co Ltd (OTC: SSNLF), Reuters reports.

* South Korean President Moon Jae-in spoke about mutual benefit from supply chain consolidation in a U.S. summit with President Joe Biden in the presence of the respective Commerce officials and Qualcomm Inc (NASDAQ: QCOM) and Samsung CEOs.

* Biden has already proposed a $50 billion spending plan for the U.S. semiconductor manufacturing boost.

* Samsung has selected Austin for a $17 billion plant to drive U.S. chip production.

* The U.S. Department of Commerce and the Korean industry ministry mutually agreed on the importance of incentive support, joint research and development, cooperation on setting standards, and workforce training and exchange.

* DuPont de Nemours Inc (NYSE: DD) plans to create a South Korean R&D center for original chip technology development, including photoresist for extreme ultraviolet (EUV) lithography.