April 16, 2024

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[THE INVESTOR] Samsung Electronics is expected to soon decide the site for its new appliance plant in the US, with South Carolina emerging as the most likely candidate, industry sources said on June 8.

Three states -- South Carolina, Alabama and Georgia -- have been competing to host the Korean tech giant’s new plant worth about US$300 million. 

South Carolina, among others, is luring Samsung with generous tax and subsidiary benefits, including 5 percent corporate tax -- lowest in the US.

Samsung said nothing has been decided on the US plant.

The new plant comes amid heightened protectionist threats in the US as President Donald Trump is urging foreign firms to produce locally, hinting at huge tariffs on imported goods.

After the site is decided, Samsung plans to build production lines for washing machines and ovens by 2019. Earlier in March, its crosstown rivals LG Electronics announced it will build a US$250 million washer plant in Tennessee.

By Lee Ji-yoon (jylee@heraldcorp.com)