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

The logo of SK Innovation is seen in front 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 plans from South Korea's second-largest conglomerate SK Group to invest $22 billion in new investments in the United States in semiconductors, green energy and bioscience projects.
During a meeting at the White House with SK Group Chairman Chey Tae-won, Biden called the investment consequential.
He said it showed that the "United States, Korea and its allies are back and winning the technology competition" of the 21st century.
The investments are in semiconductors, green energy, and bioscience, "creating tens of thousands of new high-tech, high-paying American jobs," SK said in a statement.
They will come in addition to its $7 billion investment to build two new gigafactories in Tennessee and Kentucky as part of a joint venture with Ford Motor (F.N), it added.
Biden said some 613,000 manufacturing jobs had been created in the United States since he came into office. The White House has been eager to emphasize the strength of the labor market amid fears by some of a broader economic downturn.
Company executives and administration officials met in the White House Roosevelt Room, while Biden appeared virtually from the White House residence as he continues to recover from COVID-19. He said he was feeling great.
SK Group plans to invest $15 billion in the semiconductor industry through research and development programs, materials, and the creation of an advanced packaging and testing facility.
It will spend another $5 billion on other green energy businesses, including electric vehicle (EV) charging systems, green hydrogen production, battery materials and recycling. Additionally it will invest 'several billions of dollars' in biotechnologies, the company said in the statement.
The $22 billion announced Tuesday is part of the $52 billion SK's chairman said last year it planned to invest in the United States through 2030.
In May, SK Group said it will invest 247 trillion won ($195.24 billion) in the semiconductor, battery and biopharmaceutical sectors over the next five years in South Korea and overseas. read more
Our Standards: The Thomson Reuters Trust Principles.
Three former JPMorgan Chase & Co employees began delivering their final defense against conspiracy and racketeering charges on Thursday, with an attorney telling jurors that ex-traders who cooperated in the case should not be trusted.
Reuters, the news and media division of Thomson Reuters, is the world’s largest multimedia news provider, reaching billions of people worldwide every day. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers.
Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology.
The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs.
The industry leader for online information for tax, accounting and finance professionals.
Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile.
Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts.
Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks.
All quotes delayed a minimum of 15 minutes. See here for a complete list of exchanges and delays.
© 2022 Reuters. All rights reserved

source

Leave a Comment