The White House stated on Tuesday that the South Korean conglomerate SK Group’s recent announcement of new investments in the United States is evidence of the administration’s successful efforts to build supply chains that are safer and more resilient.
The second-largest corporation in South Korea was anticipated to unveil $22 billion in fresh investments in American manufacturing, according to the White House.
The second-biggest memory chip manufacturer in the world, SK Hynix, is a member of the SK Group, as is SK Innovation, the parent company of South Korea’s largest refiner, SK Energy, and battery manufacturer, SK On. The plan’s specifics were not immediately disclosed by SK officials in Seoul.
The White House spokeswoman stated that the SK Group announcement is “another proof of the success of the Administration’s efforts to establish more robust and secure supply chains and outperform the rest of the world in the technologies of the future.”
The battery division of the SK Group has announced investments totaling nearly $6.2 billion since 2018 for the construction of three Ford Motor Co. plants in Tennessee and Kentucky, as well as two standalone factories in Georgia.
By 2030, SK is expected to invest nearly $52 billion in the United States, according to the head of the company last year.
In May, SK Group announced that over the next five years, it will invest 247 trillion won ($195.24 billion) in the semiconductor, battery, and biopharmaceutical sectors both domestically and abroad.
According to an earlier announcement from the White House, U.S. President Joe Biden will virtually meet with SK Group Chairman Chey Tae-won on Tuesday to go over the company’s investments in American manufacturing and jobs.
