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BIOECONOMY RESEARCH AND DEVELOPMENT ACT OF 2021
______
speech of
HON. GERALD E. CONNOLLY
of virginia
in the house of representatives
Wednesday, February 2, 2022
Mr. CONNOLLY. Madam Speaker, I rise today in support of Amendment No. 48, an important contribution to the America COMPETES Act that will strengthen our supply chains and boost American economic competitiveness.
I was proud to introduce Amendment No. 48 earlier this Congress as bipartisan legislation entitled the ``Partner with Korea Act'' with Representative Young Kim of California, the vice ranking member of the House Foreign Affairs Subcommittee on Asia, the Pacific, Central Asia and Nonproliferation and one of the first Korean American women to serve in Congress.
I am proud to lead this effort with Representative Young Kim as well as Senators Blunt and Hirono, who have introduced companion legislation on the Senate Side.
The Partner with Korea Act, legislation that has garnered 48 bipartisan cosponsors here in the House, would create an allotment of 15,000 E-4 highly skilled work visas for Korean nationals with specialized education and expertise, provided that potential employers can ensure the visa holders are not hired for positions that American workers could fill.
South Korea is an essential American ally, and as our seventh largest trading partner, it plays a crucial role in our nation's continued economic success and national security in Asia.
Better access to skilled visas will support the rapidly growing Korean investments in the United States--and the creation of thousands of high-paying, high-skilled manufacturing jobs across the country.
This amendment will enhance our economic cooperation with a key ally in the Inda-Pacific, increase domestic production of semiconductors, fix supply chains, and most importantly create American jobs.
South Korea investments in the American economy are increasing and according to the Department of Commerce. After the signing of the U.S.-
Korea Free Trade Agreement, the stock of U.S. foreign direct investment
(FDI) in South Korea grew from $28.2 billion to $39.1 billion, while South Korean FDI in the United States more than tripled growing from
$19.9 billion to $61.8 billion.
In May 2021, four major Korean companies--Hyundai, LG, SK, and Samsung--announced plans to invest $39.4 billion in the United States. This is nearly double the inbound foreign direct investment (FDI) from Korea between 2017 and 2019.
In September 2021, SK Innovation and Ford announced a partnership to build two manufacturing ``mega-sites'' to produce next generation electric F-series trucks and batteries, together pledging $11.4 billion. In November, SK announced it planned to invest $52 billion in the United States, creating over 10,000 jobs by 2030.
Late last year, Samsung announced that it had selected Taylor, Texas, as the site of a new $17 billion semiconductor fab, creating over 2,000 jobs.
Just last month, LG Energy Solution and General Motors announced their own $2.6 billion partnership for yet another battery cell manufacturing facility, which is expected to create another 1,700 jobs. High-skilled, temporary visas will be critical to getting these operations off the ground.
When companies install proprietary equipment, they often send engineers and other specialists to help plan, design, install, and ultimately train new workers on complex manufacturing equipment--
leaving the long-term operation to newly-trained American workers.
Electric vehicle batteries and semiconductors are two critical supply chains, and Korean investments mean that more of these goods will be made in America, by American workers.
This is not a new program. The United States already has this same provision with every other trade agreement partner except for Korea. But none of these countries come close to Korea when it comes to the level of inbound foreign direct investment.
Amendment No. 48 ensures that high-skilled, non-immigrant workers from Korea can support these inbound investments and the growth of critical industries in the United States.
Madam Speaker, at the beginning of the Covid-19 pandemic, it was Korea that shipped us personal protective equipment that saved American lives. With deep economic ties and friendship, the U.S.-Korea alliance, forged in blood, is absolutely vital to securing the success of America's workers, businesses and economy at home--to position America to compete--and win--in the IndoPacific and on the world stage.
I urge my colleagues to support Amendment No. 48.
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SOURCE: Congressional Record Vol. 168, No. 23
The Congressional Record is a unique source of public documentation. It started in 1873, documenting nearly all the major and minor policies being discussed and debated.
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