South Korean Group Plans to invest $29 Bilion in the U.S.
Combined SK U.S. Investment Tops $52 Billion, Will Create Tens of Thousands of
High-Tech, High-Paying American Jobs
WASHINGTON, DC, United States, July 26, 2022 -- Today, South Korea's SK Group Chairman Chey Tae-won will meet with President Joe Biden to discuss plans to strengthen U.S. supply chain resilience, and address climate change and the spread of communicable viruses.
Mr. Chey will announce that SK Group plans to increase its new investment in the United States by $22 billion in areas including semiconductors, green energy, and bioscience, creating tens of thousands of new high-tech, high-paying American jobs. This is in addition to SK’s recently announced investment of $7 billion to build two new gigafactories in Tennessee and Kentucky as part of a joint venture with Ford Motor Company.
The total amount SK Group is committing to invest in the U.S. going forward is nearly $30 billion. The investment announcement today comes on top of the $22 billion SK has currently invested in these industries in the United States—already the largest investment ever made in the U.S. by a South Korean company—and will now total nearly $52 billion in current and future investment.
SK Group plans to invest $15 billion in the semiconductor industry through R&D programs, materials, and the creation of an advanced packaging and testing facility—the first of its kind for advanced memory semiconductors—which will address a critical vulnerability in the U.S. supply chain. SK Group will invest an additional $5 billion on other green energy businesses, including ultra-fast EV charging systems, green hydrogen production, battery materials and recycling.
In addition, SK will invest several billions of dollars in biotechnologies to develop new drugs and enhance the competitiveness of the U.S. pharmaceutical industry.
President Biden and Mr. Chey will also discuss how to strengthen cooperation to drive U.S. foreign investment. Mr. Chey will emphasize that the United States is the world’s top direct investment destination, with a culture that fosters innovation and entrepreneurship, an exceptional and skilled workforce, and transparent and predictable legal and regulatory system. He also committed to ongoing support for SK’s investments in critical technologies in the Republic of Korea.
(Source White House)
