[Asia Economy New York=Special Correspondent Joselgina] U.S. President Joe Biden on the 26th (local time) warmly welcomed SK Group Chairman Chey Tae-won’s announcement of a $22 billion (29 trillion won) investment in the U.S., calling it a "historic announcement" and saying it "shows that the U.S. and its allies have begun to cooperate more." President Biden showed familiarity by addressing Chairman Chey by his English name, 'Tony,' and even asked first what the U.S. could do to help.
According to the White House, President Biden held a virtual meeting with SK Group Chairman Chey Tae-won, who visited the White House that day. Chairman Chey and SK executives, along with U.S. Commerce Secretary Gina Raimondo and White House National Economic Council Director Brian Deese, were seated in a White House conference room, while President Biden participated via video link from the residence office. The meeting was originally planned to be in person but was changed to virtual due to President Biden’s COVID-19 diagnosis.
At the meeting, Chairman Chey introduced a new investment plan worth $22 billion. Specifically, $15 billion will be invested in the semiconductor industry, including research and development and advanced packaging manufacturing facilities for memory semiconductors. Additionally, $5 billion will be invested in the green energy sector, and the remainder will be allocated to biosciences and biopharmaceuticals. Key investment areas mentioned included investments in Ford Motor’s Texas plant. Including the existing $7 billion investment in the battery sector, Chairman Chey explained that the total investment amount approaches $30 billion.
President Biden warmly welcomed the announcement, calling it "an incredible and important event" and a "historic announcement." He praised it as a pioneering announcement that clearly demonstrates that the U.S. and South Korea are winning the 21st-century technology competition. He also mentioned that it is evidence that the U.S. has returned to a path of integrating technology and innovation through alliances and cooperation, referencing his visit to Samsung’s semiconductor plant and Hyundai Motor’s $11 billion new investment announcement during his visit to South Korea last May.
President Biden repeatedly expressed regret for not being able to meet Chairman Chey in person and asked what the U.S. could do to maintain momentum. In response, Chairman Chey mentioned the need for workforce development and partnerships with U.S. institutions, to which Biden replied, "One of the things I promise is to continue investing in education to ensure we have the best workforce." During the meeting, he showed familiarity by calling Chairman Chey 'Tony' and expressed gratitude again by saying that next time Chairman Chey visits the White House, he would make sure to have lunch together in his office, even if by force.
President Biden met with Chairman Chey following meetings with Samsung Electronics Vice Chairman Lee Jae-yong and Hyundai Motor Group Chairman Chung Eui-sun in May, effectively meeting the top three leaders of South Korea’s business community in consecutive private schedules. With the midterm elections approaching in November and struggling approval ratings due to soaring inflation, Biden is seen as highlighting his economic achievements such as job creation and investment attraction through the "bold U.S. investments" by Korean companies. Notably, these Korean companies are closely linked to future advanced industries such as semiconductors, batteries, and electric vehicles, which are key economic agendas of the Biden administration.
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