SK Group Chairman Chey Tae-won held a video interview with President Joe Biden at the White House in the United States and announced plans for a new investment in the United States of $22 billion.
SK Group plans to invest a total of $29 billion in the US, including the previously announced $7 billion investment plan.
On July 26 (local time), the White House made this statement in a briefing before the video meeting between President Joe Biden and SK Group Chairman Chey Tae-won.
Initially, the meeting between the two was decided through a video interview instead of face-to-face as President Biden was diagnosed with COVID-19.
Earlier, during a business trip to the United States last year, Chairman Choi announced a plan to invest a total of $52 billion in the United States by 2030.
The total of $29 billion, which includes the $22 billion in new investment announced this time and $7 billion in the previously announced investment plan, is an estimate of only the amount that SK Group will invest in the United States during the Biden administration.
The White House announced that President Biden and Chairman Chey will have a video meeting, and the two will discuss SK Group's investment and job creation in the United States.
The company said the meeting would highlight the Biden administration's strength in manufacturing growth, high-paying jobs, development of climate-crisis response technologies, and America's strength as a popular investment destination.
“The two countries are working together to build technology and infrastructure that will lead the global economy in the 21st century," said Chairman Chey. "Such cooperation will contribute to strengthening the supply chain related to core technologies.”
“SK will actively contribute to strengthening the competitiveness of the U.S. manufacturing industry, innovation, and job creation through investment," added Chairman Chey. "In addition, I am grateful that we can prosper together based on the active support and cooperation of the US administration.”
"If SK Group makes an additional $22 billion in investment, the number of jobs in the United States will increase from 4,000 to 20,000 by 2025," said President Biden. "SK Group's investment is an investment that confirms that both countries are winning the 21st century technology competition."
SK's new investment of $22 billion is expected to be concentrated in four key growth engines: semiconductors, electric vehicle batteries, green and biotechnology.
The company plans to invest $15 billion to strengthen the semiconductor ecosystem, including semiconductor R&D cooperation and memory semiconductor advanced packaging manufacturing facilities.
In addition, new investments of $2 billion in cell and gene therapy and $5 billion in green energy such as advanced small nuclear reactors will be made.
Meanwhile, SK Group announced in May that it will invest 247 trillion won by 2026, focusing on future growth engines such as semiconductors, batteries, and bio.
Of this, 179 trillion won will be invested in South Korea, and the remaining 68 trillion won will be invested in foreign countries.
