Korean firm’s $22B investment will mean new US jobs, WH says

Jul 26, 2022, 1:12 AM | Updated: 1:17 pm

President Joe Biden, on screen at left, listens as SK Group Chairman Chey Tae-won, right, speaks fr...

President Joe Biden, on screen at left, listens as SK Group Chairman Chey Tae-won, right, speaks from the Roosevelt Room of the White House in Washington, Tuesday, July 26, 2022. The meeting comes as the Biden administration is seeking the cooperation of Asian allies such as South Korea to reinforce supply chains for critical components such as semiconductors. (AP Photo/Susan Walsh)

(AP Photo/Susan Walsh)

WASHINGTON (AP) — South Korea’s SK Group on Tuesday announced plans to invest $22 billion in the United States on industries including semiconductors, green energy and bioscience, which the White House said will create tens of thousands of domestic jobs while helping ease global supply chain snarls that have persisted during the coronavirus pandemic.

President Joe Biden, who continues to isolate in the White House residence after testing positive for COVID-19 last week, met virtually with SK Group Chairman Chey Tae-won and called it a “historic and pathbreaking announcement.”

It is “proof that we’re meeting the emergency in the climate crisis with urgency and opportunity and innovation to save the planet and create good-paying jobs,” Biden said.

SK Group’s investments will include $15 billion in the semiconductor industry through research and development programs, as well as materials and a testing and packaging facility, which will help address supply chain problems, the conglomerate said in a statement.

Another $5 billion will go to green energy businesses, including electric vehicle charging stations, green hydrogen production and battery materials and recycling, SK Group said. The final batch, which the company described as worth “several billions of dollars,” would go toward biotechnologies developing new drugs designed to bolster competitiveness in the U.S. pharmaceutical industry.

“In the past, these kinds of technology investments went to China,” Biden said. “Today, and in my administration, these types of technology investments are coming to the United States.”

SK Group had already previously said it would invest $7 billion for new facilities that produce batteries for electric vehicles in Tennessee and Kentucky, as part of a joint venture with Ford Motor Co.

Last year, there was $333.6 billion dollars in foreign investment in the U.S., the highest on record since 2016 and a 73% increase from 2020, the White House said in a statement.

The announced investment is part of the Biden administration’s efforts to reduce the impact of supply chain bottlenecks around the globe, which the administration says are helping fuel record-high inflation. The White House is also championing a proposal advancing through Congress designed to boost the computer chips industry and high-tech research in the United States.

During a virtual meeting with industry and union leaders on Monday, Biden called semiconductors “the building blocks for the modern economy.”

Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

AP

FILE - Candles are lit on a memorial wall during an anniversary memorial service at the Holy Trinit...

Associated Press

Pain and terror felt by passengers before Boeing Max crashed can be considered, judge rules

Families of passengers who died in the crash of a Boeing 737 Max in Ethiopia can seek damages for the pain and terror suffered by victims in the minutes before the plane flew nose-down into the ground, a federal judge has ruled.

1 day ago

OpenAI's CEO Sam Altman, the founder of ChatGPT and creator of OpenAI speaks at University College ...

Associated Press

Artificial intelligence threatens extinction, experts say in new warning

Scientists and tech industry leaders issued a new warning Tuesday about the perils that artificial intelligence poses to humankind.

1 day ago

FILE - Employees walk through a lobby at Amazon's headquarters on Nov. 13, 2018, in Seattle. A grou...

Associated Press

Hundreds of Amazon workers protest company’s climate impact, return-to-office mandate

SEATTLE (AP) — Telling executives to “strive harder,” hundreds of corporate Amazon workers protested what they decried as the company’s lack of progress on climate goals and an inequitable return-to-office mandate during a lunchtime demonstration at its Seattle headquarters Wednesday. The protest came a week after Amazon’s annual shareholder meeting and a month after a […]

2 days ago

avalanche...

Associated Press

Body of avalanche victim in Washington state recovered after being spotted by volunteer

Search crews have recovered the body of a climber who was one of three killed in an avalanche on Washington's Colchuck Peak in February.

2 days ago

Eugene and Linda Lamie, of Homerville, Ga., sit by the grave of their son U.S. Army Sgt. Gene Lamie...

Associated Press

Biden on Memorial Day lauds generations of fallen US troops who ‘dared all and gave all’

President Joe Biden lauded the sacrifice of generations of U.S. troops who died fighting for their country as he marked Memorial Day with the traditional wreath-laying ceremony at Arlington National Cemetery.

3 days ago

OpenAI's CEO Sam Altman, the founder of ChatGPT and creator of OpenAI gestures while speaking at Un...

Associated Press

ChatGPT maker downplays fears they could leave Europe over AI rules

OpenAI CEO Sam Altman on Friday downplayed worries that the ChatGPT maker could exit the European Union

4 days ago

Sponsored Articles

Internet Washington...

Major Internet Upgrade and Expansion Planned This Year in Washington State

Comcast is investing $280 million this year to offer multi-gigabit Internet speeds to more than four million locations.

Compassion International...

Brock Huard and Friends Rally Around The Fight for First Campaign

Professional athletes are teaming up to prevent infant mortality and empower women at risk in communities facing severe poverty.

Emergency Preparedness...

Prepare for the next disaster at the Emergency Preparedness Conference

Being prepared before the next emergency arrives is key to preserving businesses and organizations of many kinds.

SHIBA volunteer...

Volunteer to help people understand their Medicare options!

If you’re retired or getting ready to retire and looking for new ways to stay active, becoming a SHIBA volunteer could be for you!

safety from crime...

As crime increases, our safety measures must too

It's easy to be accused of fearmongering regarding crime, but Seattle residents might have good reason to be concerned for their safety.

Comcast Ready for Business Fund...

Ilona Lohrey | President and CEO, GSBA

GSBA is closing the disparity gap with Ready for Business Fund

GSBA, Comcast, and other partners are working to address disparities in access to financial resources with the Ready for Business fund.

Korean firm’s $22B investment will mean new US jobs, WH says