Thanks, World Chief Working Officer Muñoz, for that introduction. And thanks, Govt Chairman Chung, and President Chang for inviting me to take part right now. It’s an honor to be right here.
I need to thank Governor Kemp, Senator Ossoff, and Senator Warnock, for his or her help and encouragement of Hyundai Motors on this funding.
On behalf of your entire Biden Administration, I’m happy to congratulate Hyundai Motors on this historic funding. Not solely will it create hundreds of fine jobs right here in Georgia, nevertheless it’s additionally going to strengthen the U.S.-South Korean partnership in automotives, good expertise, and electrical batteries. It’s a mirrored image of President Biden’s direct engagement with our mates in South Korea, which is resulting in new investments identical to this.
Hyundai’s electrical automobile growth can also be in keeping with the Biden Administration’s efforts to sort out local weather change, transfer to wash, home sources of vitality, and set the U.S. on the trail to realize net-zero emissions by 2050. An necessary piece of that purpose is President Biden’s formidable goal to make EVs half of all new automobile gross sales by 2030.
Due to President Biden’s management and commitments, EV demand is already rising. To make EVs handy for all Individuals, the Bipartisan Infrastructure Regulation contains historic investments to construct our charging community throughout the USA. We’re additionally utilizing $7 billion from the identical regulation to strengthen our battery provide chain, from sourcing of battery minerals and supplies to manufacturing the batteries themselves, and help for progressive recycling and reuse initiatives.
We additionally know that we’re going to wish extra semiconductors to fulfill the demand for EVs. The common electrical automobile has about 2,000 chips, roughly double the variety of chips in a non-electric automobile.
That’s why we’re thrilled that the CHIPS and Science Act is now regulation. It’s going to assist us create a semiconductor ecosystem proper right here in America.
One of many guiding rules for the Commerce Division’s CHIPS for America initiative is to strengthen and develop regional manufacturing and innovation clusters. Regional clusters containing manufacturing services, suppliers, fundamental and translational analysis, and workforce packages, together with supporting infrastructure, would be the basis for a aggressive trade. Investments like Hyundai’s are examples of most of these clusters.
It’s additionally an instance of the resurgence of America’s manufacturing sector. Due to President Biden’s management, corporations are investing in America once more. And practically 700,000 manufacturing jobs have been created since he took workplace.
Right now’s announcement can also be a mirrored image of our robust buying and selling relationship with South Korea, which has grow to be one among our prime buying and selling companions, and is the supply of over $71 billion in international direct funding into the U.S. These shut financial ties help robust job creation in each international locations, contribute to our mutual prosperity, and can assist us fight the worldwide local weather disaster.
Our SelectUSA staff on the Commerce Division is targeted on facilitating precisely this sort of funding, particularly by means of the annual SelectUSA Funding Summit, which is the highest occasion within the U.S. to draw international direct funding promotion.
Govt Chairman Chung, President Chang, and World Chief Working Officer Muñoz– I hope you’ll be a part of me on the subsequent Summit.
And Governor Kemp, we’re trying ahead to as soon as once more having Georgia’s giant presence on the Summit subsequent Might.
Thanks, once more, to each Hyundai and our South Korean companions for bringing this funding to the U.S. We’re thrilled to proceed working with you to help safety and prosperity for each of our nations. Thanks.
