SK-Group-will-invest-$22-billion-more-in-US
SK Group Chairman Chey Tae-won, left, has promised to increase its U.S. investment from $30 billion to $52 billion through 2030 in a virtual meeting with U.S. President Joe Biden. Photo courtesy of SK Group, White House

Total investment in United States would amount to $52 billion

SK Group Chairman Chey Tae-won has promised to invest an additional $22 billion in the United States, increasing the conglomerate’s total expenditure plan there to $52 billion through 2030 (See the Korea News Plus article published on July 26).

Chairman Chey made the commitment in a video conference with U.S. President Joe Biden on July 27. Secretary of Commerce Gina Raimondo will also take part in the virtual meeting.

“Today, we are announcing another $22 billion in new investment in the U.S., so including the major investment in semiconductor EV batteries and biotechnology,” Chey said.

“SK will invest half of our total investment amount in the U.S. in the semiconductor ecosystem. Well, this money will fund R&D programs in partnership with the leading American universities.”

Chey added that the initiatives would contribute to developing the next generation of memory chips, which he expected would benefit the entire U.S. high-tech industry.

SK Group has such subsidiaries as SK hynix, the world’s No. 2 memory chip maker, and SK Innovation, a major global manufacturer of electric car batteries.

SK Group has already formed a joint venture along with U.S. automaker Ford Motor, valued at $8.9 billion. It strives to build three battery plants in the U.S. by 2025.

Biden welcomed the announcement as SK Group’s investment plans are well aligned with his projects of encouraging eco-friendly businesses and setting up a stable global supply chain.

Biden joined the meeting by telephone as he was diagnosed with COVID-19 last week. Other participants, including Chairman Chey, convened at the White House.

“SK has already committed $30 billion in investment here, and today they’re announcing another $22 billion in addition,” he said.

“That’ll grow their U.S. workforce from 4,000 to 20,000 workers by 2025, investing in a range of advanced technologies, some of which Tony already mentioned, from semiconductors to large-capacity batteries, to electric vehicle chargers, and to pharmaceuticals.”

Shinhan-Banner-Ads
The publisher studied Korean history in Seoul and management of business administration in the United Kingdom. He has 20-year experiences in the media business. Kim can be reached at voc200@gmail.com or 82-2-6956-6698.