Biden tends business, security interests

President Joe Biden tended to both business and security interests yesterday as he wraps up a threeday visit to South Korea, showcasing Hyundai’s pledge to invest at least $10 billion (NZ$15.6b) in electric vehicles and related technologies in the United States.

Before visiting US and South Korean troops monitoring the rapidly evolving North Korean nuclear threat, Biden said the US was ready for any provocation that Kim Jong Un might deliver.

Hyundai’s investment includes $5.5b for an electric vehicle and battery factory in Georgia.

Appearing with Biden, Hyundai CEO Euisun Chung said his company would spend another $5b on artificial intelligence for autonomous vehicles and other technologies.

‘‘Electric vehicles are good for our climate goals, but they’re also good for jobs,’’ Biden said. ‘‘And they’re good for business.’’

The major US investment by a South Korean company is a reflection of how the US and South Korea are leveraging their longstanding military ties into a broader economic partnership.

Biden said he was not concerned about any possible provocation by North Korea while he was touring the region.

‘‘We are prepared for anything North Korea does,’’ Biden said.

‘‘We’ve talked through how we’d respond to whatever they do so I am not concerned.’’

Biden’s meeting yesterday with Hyundai’s chief comes after the president made an earlier stop at a computer chip plant run by Samsung, the Korean electronics giant that plans to build a $17b production facility in Texas.

Biden was to meet service members and military families at Osan Air Base and address US and Korean troops. Biden and Korean President Yoon Sook Yeol on Saturday announced they will consider expanded joint military exercises to deter the nuclear threat posed by North Korea.

Biden decided to skip a visit to the demilitarised zone on the North and South’s border, a regular stop for US presidents when visiting Seoul. – AP