President Joe Biden on Tuesday talked up a South Korean conglomerate’s plan for $22 billion in new investments in U.S. manufacturing, describing SK Group’s determination as an indication of cooperation amongst allies.
“This pathbreaking announcement represents clear proof that america, Korea and its allies are again and successful the expertise competitors of the 21st century,” Biden mentioned throughout a digital occasion with the chairman and principal proprietor of SK Group, Chey Tae-won.
“Right now’s announcement has additionally proved that America is again to working with our allies,” added the president, in an obvious dig at his predecessor, Donald Trump, who was recognized for upsetting longtime companions of the U.S.
The South Korean firm will develop its U.S. workforce from 4,000 to 20,000 employees by 2025, mentioned Biden, who is just not doing in-person occasions after testing constructive COVID-19.
Chey, who additionally goes by Anthony or Tony, mentioned the SK Group’s $22 billion in new funding within the U.S. will likely be targeted on semiconductors, electrical-vehicle batteries and biotechnology.
“Because of this SK will make investments practically $30 billion going ahead, increasing on our latest announcement of a $7 billion funding in EV batteries,” the manager mentioned, referring to an effort to construct two new gigafactories in Tennessee and Kentucky as a part of a three way partnership with Ford
The announcement by SK Group is “one other proof level of the success of the Administration’s efforts to create extra resilient and safe provide chains and outcompete the remainder of the world within the applied sciences of the longer term by investing in American corporations and employees and bringing in overseas funding to create good-paying American jobs,” a White Home spokesperson mentioned in an announcement earlier than the digital occasion.
SK Group is concerned in a variety of industries, together with vitality, chemical compounds, semiconductors and telecom. The group is privately owned however is without doubt one of the largest conglomerates in South Korea.
Republicans are extensively anticipated to attain wins on this November’s midterm elections, thanks largely to Individuals’ frustrations with raging inflation that’s hitting the U.S. financial system.
Excessive costs for gasoline
and different necessities are serving to to preserve Biden’s approval rankings low — and giving a speaking level for Republicans to make use of in opposition to the president and his fellow Democrats.