WASHINGTON, July 26 (Reuters) - South Korea's second-largest
conglomerate SK Group on Tuesday said it plans $22 billion in
new investments in the United States, in semiconductors, green
energy and bioscience projects.
SK Group includes world's second-largest memory chipmaker SK
Hynix, as well as SK Innovation, the
parent of South Korea's largest refiner SK Energy and battery
maker SK On.
President Joe Biden will meet virtually on Tuesday with SK
Group Chairman Chey Tae-won to discuss the company's investments
in U.S. manufacturing and jobs, the White House said earlier.
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 released in
the United States.
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, it added.
The announcement is "another proof point of the success of
the administration's efforts to create more resilient and secure
supply chains and outcompete the rest of the world in the
technologies of the future," a White House spokesperson said.
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.
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.
(Reporting by David Shepardson, Jeff Mason and Jack Kim;
Additional reporting by Heekyong Yang and Joyce Lee; Editing by
Jacqueline Wong, Jason Neely and Jan Harvey)