Photo credit: www.entrepreneur.com
Hyundai, the South Korean automotive giant, has committed to a significant $20 billion investment in the United States, marking a substantial step in its expansion efforts. This announcement was made during an event at the White House, where President Donald Trump joined Hyundai Chairman Euisun Chung and Louisiana Governor Jeff Landry to reveal these plans, as reported by CNBC.
A noteworthy highlight of this investment is the establishment of a $5 billion steel plant in Louisiana, which is projected to create approximately 1,500 jobs. This development is seen as an integral part of Hyundai’s strategy to enhance its operations within the U.S. market.
Trump remarked on the growing trend of foreign investment in the U.S., emphasizing that this influx reflects the impact of tariffs on trade. “Money is pouring in,” he stated, asserting that this investment exemplifies the effectiveness of his administration’s trade policies. For Hyundai, CEO José Muñoz indicated that enhancing localization within the U.S. is crucial for navigating tariffs effectively, according to a report from Axios.
In conjunction with Hyundai’s announcement, Johnson & Johnson (J&J) declared its plans to invest over $55 billion in the U.S. over a span of four years. This investment includes the construction of four new manufacturing facilities and represents a 25% increase compared to previous investment levels, as stated by ABC News. J&J’s Chairman and CEO, Joaquin Duato, noted that the initial step in this investment push will see groundbreaking for a high-tech facility in North Carolina, aimed at boosting U.S.-based job growth while providing advanced medicines for patients domestically and globally.
Additionally, Eli Lilly and Co., a competitor to J&J, also announced last month its intention to expand U.S. operations. The company plans to build four new manufacturing plants, which are expected to generate 10,000 construction jobs and an additional 3,000 positions for engineers, scientists, operations staff, and lab technicians, highlighting the ongoing trend of substantial investment in U.S. manufacturing and job creation.
Source
www.entrepreneur.com