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| ▲ South Korea's SK Group Chairman Chey Tae-won is seen speaking in a virtual meeting with U.S. President Joe Biden at the White House on July 26, 2022 in this image captured from the website of the White House. (Yonhap) |
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| ▲ U.S. President Joe Biden is seen speaking in a virtual meeting with Chey Tae-won, chairman of South Korean conglomerate SK Group, at the White House on July 26, 2022 in this image captured from the website of the White House. (Yonhap) |
Biden-SK Group chief
S. Korea's SK Group chief unveils plan to invest US$22 bln in meeting with Biden
By Byun Duk-kun
WASHINGTON, July 26 (Yonhap) -- Chey Tae-won, chairman of South Korea's SK Group, on Tuesday unveiled an ambitious plan to invest an additional US$22 billion in the United States in a rare meeting with U.S. President Joe Biden.
Biden welcomed the announcement, calling it one of the most "significant investments" ever seen in the U.S.
"Today we are announcing another $22 billion in new investment in the U.S.," Chey told the U.S. leader.
"This means that SK will invest nearly $30 billion going forward, expanding on our recent announcement of $7 billion investment in EV batteries," he added.
Biden's rather unusual one-on-one meeting with a South Korean business leader took place at the White House, also involving U.S. Secretary of Commerce Gina Raimondo.
Biden, however, took part virtually as he continues to recover from COVID-19 since being diagnosed late last week.
He hailed the South Korean conglomerate's investment plan, noting it will create some 16,000 new jobs in the U.S. in the next three years.
"SK has already committed $30 billion in investment here, and today they are announcing another $22 billion in addition. That will grow their U.S. workforce from 4,000 to 20,000 workers by 2025," said Biden.
"Today's announcement is also proof that America's back to working with our allies," he added.
Biden also sought advice from the South Korean business leader on ways to attract more foreign investment to the U.S.
Chey highlighted the need for more trained workers with the right skill set who can work in high-tech industries such as semiconductors and EV batteries.
"One of the things you are promised we are going to do is, we are going to continue to invest in the education side of this," Biden responded.
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