South Korea Seeks Tax Cuts, Incentives for US Investment

SEOUL - South Korea requested from the United States incentives such as tax deductions and infrastructure construction to ease the U.S. investment of Korean firms, including leading chipmaker Samsung Electronics, its presidential office said Friday.

South Korean President Moon Jae-in, in Washington for a summit with U.S. President Joe Biden, told a gathering of U.S. Secretary of Commerce Gina Raimondo, her South Korean counterpart and CEOs of Qualcomm, Samsung and other companies that both countries can benefit by strengthening supply chain cooperation. Biden has advocated for support for the U.S. chip industry amid a global chip shortage that has hit automakers and other industries. He met with executives from major companies including Samsung in April and previously announced plans to invest $50 billion in semiconductor manufacturing and research.