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Biden And Korea's SK Group To Announce Investment In US Tech

US

At the top of the hour President Biden will meet virtually with Chey Tae-won, Chairman of the SK Group, one of the Republic of Korea's most prominent conglomerates in energy, telecommunications, tech, and semiconductors.

  • Livestream: https://www.youtube.com/watch?v=jY7FW2jzOxI
  • The meeting is the latest in White House charm offensive to secure Korean investment in high tech manufacturing. The White House is targeting ROK investment in a bid to secure semiconductor supply chains and limit dependence on Taiwanese semiconductors which they feel is increasingly vulnerable to Chinese aggression.
  • SK is expected to announce USD$22 billion in US manufacturing today. Reuters: "SK's chairman said last year it planned to invest about USD$52 billion in the United States through 2030."
  • A White House Spokesperson said: "This announcement by SK Group is also 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."
  • Commerce Secretary Gina Raimondo will also attend the meeting.
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