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

All News 09:53 May 26, 2022

(ATTN: ADDS more details in paras 4-5, 8)
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 is pushing for a 120 trillion-won project to establish a chip cluster in Yongin, around 50 kilometers south of Seoul. It also plans to expand fabrication plants and wafer manufacturing facilities.

SK will spend 67.4 trillion won on electric vehicle batteries, hydrogen and other renewable energy businesses, including the expansion of battery separator production facilities.

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 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.

Yoon has expressed active support for conglomerates, championing economic growth led by the private sector.

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


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