New investments by South Korean conglomerate SK Group in the United States reflect successful efforts by the Biden administration to create more resilient and secure supply chains, the White House said.
South Korea’s second-largest conglomerate, SK Group, was expected to announce $22 billion in new investments in US manufacturing, the White House insisted.
SK Group includes SK Innovation, the parent of South Korea’s largest refiner SK Energy and battery maker, SK Ok, and the world’s second-largest memory chipmaker SK Hynix. SK officials in Seoul did not immediately offer details of the plan.
A White House spokesperson said that the announcement BY SK Group was another proof point of the success of the Biden Administration’s efforts to create more secure and resilient supply chains and outcompete the rest of the world in future technologies.
The SK On battery unit announced an investment of about $6.2 billion in 2018 to build two-stand alone plants in Georgia and three factories with Ford Motors in Tennessee and Kentucky.
In May 2022, SK Group announced it would invest 247 trillion won ($195.24 billion) in the battery, semiconductor, and biopharmaceutical sectors over the next five years in South Korea and overseas.