Four major South Korean companies have announced massive investment plans in the U.S. worth over 40 trillion won in total. 

The announcement of 39-point-four billion U.S. dollars worth of investments by the companies including Samsung and SK were made during the South Korea-U.S. Business Roundtable held at the U.S. Department of Commerce in Washington on Friday.

The meeting, which took place ahead of a summit between President Moon Jae-in and U.S. President Joe Biden, was also attended by President Moon and U.S. Commerce Secretary Gina Raimondo.

Samsung Electronics made official its plan to invest 17 billion dollars in a new foundry plant in the U.S. while battery makers LG Energy Solution and SK Innovation announced sole or joint investment projects worth around one-point-four billion dollars. 

Hyundai Motor said it will invest a total of seven-point-four billion dollars in expanding the electric vehicle production and recharging infrastructure. SK Hynix said it will also spend one billion dollars in building a large-scale research and development center in Silicon Valley.