Investment by South Korea’s SK Group Will Be ‘Consequential’ to US, Biden Says

U.S. President Joe Biden meets virtually with the Chairman and Principal Owner of SK Group Chey Tae-won in the Roosevelt Room of the White House in Washington on July 26, 2022. Brendan Smialowski/AFP via Getty Images

SK Group, the second-largest conglomerate in South Korea, said on July 26 that it would invest an additional $22 billion in semiconductors and other cutting-edge industries in the United States.

The plan was announced after a virtual meeting between SK Group Chairman Chey Tae-won and U.S. President Joe Biden, who is recovering at the White House from COVID-19.