The South Korean giant SK (chemicals, industry, telecoms, finance, construction, hotels) must announce 22 billion dollars of new investments in the United States, before a meeting between its boss and American President Joe Biden, indicated Tuesday the White House.
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“Ahead of virtual meeting with President Biden and his team, South Korean conglomerate SK Group to announce $22 billion in new investment in US manufacturingsaid a White House spokesperson. No details were given on the timing or nature of this agreement.
Rebuilding US industrial production post-Covid
During the virtual meeting with the SK group, Joe Biden should “discuss this company’s strong investments in the U.S. manufacturing industry and workforce“, only specified the White House.
SK’s commitment reflects a drive to rebuild US industrial production and supply chains, severely disrupted by the global Covid-19 pandemic. “Since the start of his term, President Biden has put forward an American industrial strategy to rebuild our infrastructure and our national supply chains, in order to recreate well-paying manufacturing jobs here in America.“, detailed the spokesperson. “SK Group’s announcement is also further proof of the success of the government’s efforts to create more resilient, secure supply chains and outperform the rest of the world in future technologies.“, he added.
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According to the US Commerce Department, foreign investment reached nearly $334 billion in 2021, its highest level since 2016. Manufacturing accounted for the largest share of all industries at $121 billion.
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