[Asia Economy New York=Special Correspondent Joselgina] U.S. President Joe Biden will visit the SK Siltron CSS plant in Michigan on the 29th (local time). This is his first visit to a Korean factory in the U.S. since taking office. Earlier, President Biden repeatedly expressed gratitude for SK Group Chairman Chey Tae-won's investment plans in the U.S. during his visit to the White House, and it is expected that he will boast about his economic achievements and urge aggressive investment at this event.
According to the White House on the 28th, President Biden will visit Bay City, Michigan, on the 29th and deliver a speech at SK Siltron CSS. The White House stated, "(President Biden) will mention the progress we have made over the past two years, including the creation of well-paying manufacturing jobs and building an economy from the bottom up."
President Biden's visit to the SK Siltron CSS plant is interpreted as an effort to emphasize his commitment to revitalizing the U.S. economy by highlighting a model case of foreign companies investing in the U.S. semiconductor industry. It is part of a broader message that continuous facility investments contribute to stabilizing the semiconductor and electric vehicle supply chains within the U.S. Additionally, Michigan, where the plant is located, is considered a key swing state in the U.S., so this visit can also be seen as a move to solidify a political base.
SK Siltron CSS, a U.S. subsidiary of SK Siltron, produces silicon carbide (SiC) wafers, a core material for next-generation power semiconductors. Established after acquiring DuPont's wafer business in the U.S. for $450 million (approximately 600 billion KRW) in 2020, it is regarded as one of the top three SiC wafer manufacturers alongside U.S. semiconductor companies Wolfspeed and II-VI. In March, it was also the venue for the 10th anniversary event of the Korea-U.S. Free Trade Agreement (FTA), proposed by the U.S. Trade Representative (USTR) and attended by then-Chief Trade Negotiator Yeo Han-gu and USTR Representative Katherine Tai.
President Biden visited Samsung Electronics' semiconductor plant located in Pyeongtaek during his visit to Korea last May, but this is his first visit to a Korean factory within the U.S. For the Biden administration, which has been focusing on strengthening the domestic semiconductor industry since its inception, this visit to a Korean factory in the U.S. can be seen as a reaffirmation of its willingness to cooperate with Korea, a semiconductor powerhouse.
Earlier, in July, President Biden welcomed SK Group Chairman Chey Tae-won's announcement of a $22 billion (29 trillion KRW) investment in the U.S. as a "historic announcement" and repeatedly expressed his gratitude. At that time, he showed familiarity by calling Chairman Chey by his English name, ‘Tony,’ and even asked what the U.S. could do to help. The meeting was held via video conference due to President Biden's COVID-19 quarantine.
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