President Joe Biden yesterday welcomed plans from South Korea’s second-largest conglomerate SK Group to invest $22bn in new investments in the United States in semiconductors, green energy and bioscience projects. During a meeting at the White House with SK Group Chairman Chey Tae-won, Biden called the investment consequential.
He said it showed that the “United States, Korea and its allies are back and winning the technology competition” of the 21st century.
The investments are in semiconductors, green energy, and bioscience, “creating tens of thousands of new high-tech, high-paying American jobs,” SK said in a statement.
They will come in addition to its $7bn investment to build two new gigafactories in Tennessee and Kentucky as part of a joint venture with Ford Motor, it added.
Biden said some 613,000 manufacturing jobs had been created in the United States since he came into office. The White House has been eager to emphasise the strength of the labour market amid fears by some of a broader economic downturn.
Company executives and administration officials met in the White House Roosevelt Room, while Biden appeared virtually from the White House residence as he continues to recover from Covid-19. He said he was feeling great.
SK Group plans to invest $15bn in the semiconductor industry through research and development programmes, materials, and the creation of an advanced packaging and testing facility.
It will spend another $5bn on other green energy businesses, including electric vehicle (EV) charging systems, green hydrogen production, battery materials and recycling. Additionally it will invest ‘several billions of dollars’ in biotechnologies, the company said in the statement.
The $22 n announced yesterday is part of the $52bn SK’s chairman said last year it planned to invest in the United States through 2030.
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