SK to invest $22 billion in manufacturing in the United States

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SK to invest $22 billion in manufacturing in the United States

Published: 26 Jul. 2022, 18:56 Updated: 27 Jul. 2022, 08:42

SK Chairman Chey Tae-won speaks during the appointment ceremony of BTS as the ambassadors for the World Expo 2030 Busan at the HYBE office in Seoul on July 19. [NEWS1]

SK companies will invest over $22 billion in U.S. manufacturing, according to media outlets Tuesday.

The White House said during a press briefing on Tuesday that SK, the second-largest chaebol in Korea, is to announce a new investment plan in the United States with a focus on manufacturing.

"We've heard that there will be a meeting between Chairman Chey and President Joe Biden," a spokesperson said.

"But all the details will be announced following the meeting," he said.

U.S. President Joe Biden will hold a video conference with SK Group Chairman Chey Tae-won Tuesday at 2 p.m. in Washington . Biden and Chey will discuss SK Group’s investments in the U.S. and job creation.

U.S. Secretary of Commerce Gina Raimondo will also participate in the video conference.

The White House said that the meeting will highlight the Biden administration’s strength in promoting manufacturing growth, creating new high-paying jobs, developing technologies to respond to the climate crisis and the popularity of the United States as an investment destination.

Chey announced a $52 billion investment plan in the United States through 2030 during his visit to the country last November, half of which would go toward electric vehicle batteries and other related renewable technologies.

BY SHIN HA-NEE, LIM JEONG-WON [shin.hanee@joongang.co.kr]