South Korean companies are investing record amounts of capital in to the US economy, as the Biden administration’s efforts to carve out China from its supply chain and lucrative subsidies for advanced technology manufacturers spark a surge in project commitments from Seoul.

US project commitments from South Korean companies totalled $21.5bn last year, more than any other country and surpassing Taiwan, which was the largest investor in 2022, according to data from the UN Conference on Trade and Development analysed by the Financial Times. 

Last year marked the first time for at least a decade that South Korea has secured the top spot for project commitments in the US, a milestone that arrived as China’s position has fallen. Beijing was the top investor in the US in 2014 but ranked eighth last year after investments had fallen by a third, according to the UN data, which tracks greenfield projects — commitments to build facilities and jobs — and does not include acquisitions.