SK Group, the second-largest conglomerate in South Korea, said on Tuesday that it would invest an additional $22 billion in semiconductors and other cutting-edge industries in the United States.
The plan was unveiled following a virtual meeting between S.K. Group chairman Chey Tae-won and U.S. President Joe Biden, who was quarantining in the White House with COVID-19.
Biden said the investment is “consequential” to both SK Group and the United States as it would expand the company’s workforce to 20,000 workers by 2025 while funding a range of U.S. advanced technologies.
“This pathbreaking announcement represents clear evidence that the United States, [South Korea], and its allies are back and winning the technology competition of the 21st century,” he was quoted as saying by the White House….