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SK to spend 247 tln won on chip, EV battery, bio sectors over next 5 years

Industry 09:19 May 26, 2022

By Kim Seung-yeon

SEOUL, May 26 (Yonhap) -- SK Group, South Korea's second-largest conglomerate by assets, said Thursday it will invest 247 trillion won (US$194.9 billion) over the next five years to shore up its chip, EV battery and bio businesses.

The energy-to-telecom business group unveiled the blueprint through 2026, pledging to spend 179 trillion won of the investment domestically and help create some 50,000 new jobs here, SK said in a release.

More than half of the investment, 142.2 trillion won, will be spent to boost semiconductors and related materials sectors.

SK will spend 67.4 trillion won on electric vehicle batteries, hydrogen and other renewable energy businesses.

It has earmarked 12.7 trillion won for biopharmaceuticals and 24.9 trillion won for digital technologies, such as 5G networks.

Major South Korean conglomerates, known as chaebol that dominate the market economy, have been rolling out massive investment plans this week as new President Yoon Suk-yeol took office earlier this month, including Samsung's 450 trillion-won commitment and the 63 trillion-won pledge by Hyundai Motor Group.

SK to spend 247 tln won on chip, EV battery, bio sectors over next 5 years - 1

elly@yna.co.kr
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