U.S. Trade Rep. Katherine Tai and a trade delegation from South Korea joined company executives on a tour of a Michigan semiconductor wafer manufacturer to celebrate trade relations between the countries, the Office of the U.S. Trade Representative (USTR) announced March 16.
Rep. Tai and a delegation led by the Republic of Korea’s Trade Minister Yeo Han-koo toured SK Siltron CSS with SK executives then held a roundtable discussion to commemorate the 10th anniversary of the U.S.-Korea (KORUS) Free Trade Agreement, the USTR states in the announcement. Under the KORUS agreement, the value of U.S. goods and services exported to South Korea has grown to $70 billion, a 17 percent increase, USTR reports.
“In the 10 years since KORUS was signed, the trade relationship between the United States and Korea has flourished,” Rep. Tai said in the annoucement. “Beyond increased exports, the Agreement has also strengthened the investment ties between our two countries, but we have much further to go to build on our progress and expand opportunities for American businesses in Korea."
Auburn, Mich.-based SK Siltron CSS announced last summer that it intends to invest $300 million in Bay County, Mich., USTR states in the announcement.
The semiconductor manufacturer plans to create up to 150 high-paying, skilled jobs at a new location in Bay City by 2024, according to PR Newswire. The facility will provide R&D and manufacturing of materials for electric vehicles, PRN reports. SK Siltron CSS is part of SK Group, a South Korea-based corporation ranked among the 100 largest companies in the world by Fortune.
SK Group has come under criticism by some for its ties to China and to BlackRock, a U.S. multinational investment firm with $10 trillion in assets under its management, the Austin Journal reported. BlackRock holds a 1.3% share of SK Inc., according to Nikkei Asia.
Consumer Research (CR) issued a "Consumer Warning" last December "meant to raise awareness among American consumers that BlackRock is taking their money and betting on China," the group wrote in a letter sent to 10 state governors whose states invest with BlackRock.
According to CR, BlackRock's "bullish" investments in Chinese companies enables the Chinese military and threatens U.S. investors.
"Investment in Chinese companies could also make U.S. investors unwitting accomplices in the expansion of the CCP’s surveillance and intelligence gathering apparatus," CR states in the letter, "or worse yet, make them party to human rights abuses like the ongoing genocide against Uyghurs in Xinjiang, China."
Rep. Tai emphasized the importance of domestic investments to ensure America is competitive in the 21st century.
“Trade agreements alone are not enough to maintain our competitive edge in the global economy – investing here at home is also critical" Rep. Tai said in the announcement.
