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(LEAD) Biden to hold virtual meeting with chairman of S. Korea's SK Group on Tuesday

All News 13:40 July 26, 2022

(ATTN: UPDATES with additional information in last 4 paras)
By Byun Duk-kun

WASHINGTON, July 25 (Yonhap) -- U.S. President Joe Biden will talk virtually with Chey Tae-won, the chairman of South Korea's SK Group, which has one of the world's largest semiconductor manufacturers, SK hynix, under its wing, this week, the White House said Monday.

"The president will virtually meet with the chairman and principal owner of the Republic of Korea conglomerate SK Group to discuss the company's robust investments in American manufacturing and jobs," the White House said, referring to South Korea by its official name.

"The meeting will highlight the Biden manufacturing boom, creating new, good-paying jobs and making technology to tackle the climate crisis, and showcase the strength of the United States as a top destination for business investment," it added.

The meeting, slated for Tuesday, comes as part of Biden's drive to boost foreign investment in the U.S., especially in the semiconductor industry.

The U.S. president held a private meeting with Chung Eui-sun, chairman of South Korea's largest automaker, Hyundai Motor Group, when he visited South Korea in May.

He also met with Lee Jae-yong, vice chairman of Samsung Electronics, the world's largest chipmaker, while visiting a Samsung plant in South Korea.

The White House said Tuesday's meeting will also be attended by Secretary of Commerce Gina Raimondo.

SK Group currently has production facilities in several states, including California, Georgia, Texas and Virginia, according to company officials here.

It earlier announced plans to invest US$8.9 billion together with U.S. automaker Ford to build EV battery facilities in Tennessee and Kentucky.

The group also plans to invest $300 million in Michigan to build its second production facility in that state that will produce silicon carbide (SiC) wafers, next-generation semiconductor material that enables the production of lighter, smaller and more efficient semiconductors.

bdk@yna.co.kr
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