Thank you, Global Chief Operating Officer Muñoz, for that introduction. And thank you, Executive Chairman Chung, and President Chang for inviting me to participate today. It is an honor to be here.

I want to thank Governor Kemp, Senator Ossoff, and Senator Warnock, for their support and encouragement of Hyundai Motors on this investment.

On behalf of the entire Biden Administration, I am pleased to congratulate Hyundai Motors on this historic investment. Not only will it create thousands of good jobs here in Georgia, but it’s also going to strengthen the U.S.-South Korean partnership in automotives, smart technology, and electric batteries. It’s a reflection of President Biden’s direct engagement with our friends in South Korea, which is leading to new investments just like this.

Hyundai’s electric vehicle expansion is also in line with the Biden Administration’s efforts to tackle climate change, move to clean, domestic sources of energy, and set the U.S. on the path to achieve net-zero emissions by 2050. An important piece of that goal is President Biden’s ambitious target to make EVs half of all new car sales by 2030.

Because of President Biden’s leadership and commitments, EV demand is already growing. To make EVs convenient for all Americans, the Bipartisan Infrastructure Law includes historic investments to build our charging network across the United States. We’re also using $7 billion from the same law to strengthen our battery supply chain, from sourcing of battery minerals and materials to manufacturing the batteries themselves, and support for innovative recycling and reuse projects.

We also know that we’re going to need more semiconductors to meet the demand for EVs. The average electric vehicle has about 2,000 chips, roughly double the number of chips in a non-electric car.

That’s why we’re thrilled that the CHIPS and Science Act is now law. It’s going to help us create a semiconductor ecosystem right here in America.

One of the guiding principles for the Commerce Department’s CHIPS for America initiative is to strengthen and expand regional manufacturing and innovation clusters. Regional clusters containing manufacturing facilities, suppliers, basic and translational research, and workforce programs, along with supporting infrastructure, will be the foundation for a competitive industry. Investments like Hyundai’s are examples of these types of clusters.

It’s also an example of the resurgence of America’s manufacturing sector. Thanks to President Biden’s leadership, companies are investing in America again. And nearly 700,000 manufacturing jobs have been created since he took office.

Today’s announcement is also a reflection of our strong trading relationship with South Korea, which has become one of our top trading partners, and is the source of over $71 billion in foreign direct investment into the U.S. These close economic ties support strong job creation in both countries, contribute to our mutual prosperity, and will help us combat the global climate crisis.

Our SelectUSA team at the Commerce Department is focused on facilitating exactly this kind of investment, especially through the annual SelectUSA Investment Summit, which is the top event in the U.S. to attract foreign direct investment promotion.

Executive Chairman Chung, President Chang, and Global Chief Operating Officer Muñoz– I hope you will join me at the next Summit.

And Governor Kemp, we’re looking forward to once again having Georgia’s large presence at the Summit next May.

Thank you, again, to both Hyundai and our South Korean partners for bringing this investment to the U.S. We’re thrilled to continue working with you to support security and prosperity for both of our nations. Thank you.