[Congressional Record Volume 168, Number 23 (Friday, February 4, 2022)]
[Extensions of Remarks]
[Page E115]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




            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.

                          ____________________