In a rare meeting with US President Joe Biden, Choi Tae Won, chairman of South Korea’s SK Group, unveiled an ambitious plan to invest an additional $22 billion in the United States.
“Today we are announcing a $22 billion new investment in the United States,” Choi told the U.S. President, “This means that SK Group will invest almost $30 billion here in the future, expanding on our recent announcement of a $7 billion investment in car batteries.” . The Electrician, in which Biden had a somewhat unusual one-on-one (almost remotely) meeting with the head of the SK group at the White House, which also included U.S. Secretary of Commerce Gina Raimondo, according to Yonhap.
Choi said SK will spend $15 billion to strengthen the semiconductor ecosystem, including research and development programs, materials, and advanced packaging and testing facilities.
According to a White House statement, Choi said at the meeting, “South Korea and the United States fought side by side during a terrible conflict (meaning the Korean War), and now they are working hand in hand to create technology. and infrastructure that will support 21st century economies around the world.” Our collaboration will make supply chains in both our countries more resilient in biotech as SK invests $5 billion in green energy – a key area for SK’s future growth drivers – such as green hydrogen, battery components, vehicle recycling and charging systems, electric and small modular reactors.
The rest of the investment will also be directed towards strengthening its advantage in the life sciences and biopharmaceutical sectors in the US market, including the development of cell and gene therapy.
For his part, Biden praised the South Korean group’s investment plan, noting that it “will create about 16,000 new jobs in the US over the next three years.”
“SK has already invested $30 billion here, and today is announcing another $22 billion,” Biden continued. “In addition, this will increase the United States workforce from 4,000 to 20,000 by 2025.”
He continued, “Today’s announcement also marks the return of the United States to work with its allies.”
During the virtual meeting, Biden asked Choi for advice on how to attract more foreign investment to the United States, as Choi stressed “the need for more trained workers with the right skillset who can work in high-tech industries such as semiconductors and batteries for electric vehicles.” .” “.
Biden responded, “One of the things I promised to do is that we will continue to invest in education.”
Choi, head of South Korea’s second largest industrial group after Samsung, announced last year that SK plans to invest $52 billion in the US through 2030.
Source: “Yonhap”