Biden welcomes SK Group plans to invest $22 billion in U.S. high-tech sectors

The emblem of SK Innovation is noticed in entrance of its headquarters in Seoul, South Korea, February 3, 2017. REUTERS/Kim Hong-Ji/File Photo/File Photo

WASHINGTON, July 26 (Reuters) – President Joe Biden on Tuesday welcomed designs from South Korea’s next-greatest conglomerate SK Group to spend $22 billion in new investments in the United States in semiconductors, eco-friendly vitality and bioscience tasks.

For the duration of a assembly at the White Residence with SK Team Chairman Chey Tae-won, Biden termed the financial commitment consequential.

He claimed it showed that the “United States, Korea and its allies are again and successful the know-how competition” of the 21st century.

The investments are in semiconductors, green electricity, and bioscience, “making tens of countless numbers of new high-tech, substantial-paying out American jobs,” SK reported in a statement.

They will occur in addition to its $7 billion expense to construct two new gigafactories in Tennessee and Kentucky as section of a joint enterprise with Ford Motor (F.N), it added.

Biden mentioned some 613,000 production careers experienced been established in the United States due to the fact he arrived into office. The White Residence has been eager to emphasize the energy of the labor sector amid fears by some of a broader economic downturn.

Organization executives and administration officials achieved in the White Household Roosevelt Home, while Biden appeared just about from the White Dwelling home as he carries on to get better from COVID-19. He reported he was feeling good.

SK Team ideas to make investments $15 billion in the semiconductor market by study and growth courses, materials, and the generation of an advanced packaging and screening facility.

It will expend a different $5 billion on other eco-friendly electricity organizations, which includes electrical car (EV) charging systems, inexperienced hydrogen production, battery components and recycling. Additionally it will devote ‘several billions of dollars’ in biotechnologies, the company stated in the assertion.

The $22 billion introduced Tuesday is part of the $52 billion SK’s chairman reported final yr it prepared to make investments in the United States as a result of 2030.

In Could, SK Group said it will commit 247 trillion gained ($195.24 billion) in the semiconductor, battery and biopharmaceutical sectors about the upcoming five a long time in South Korea and overseas. read through far more

Reporting by Steve Holland, David Shepardson, Jeff Mason and Jack Kim Further reporting by Heekyong Yang and Joyce Lee Editing by Andrea Ricci

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