Biden hails US$22 billion investment by South Korea's SK Group

📆 7/27/2022 2:12 AM
📰 STForeignDesk

⏱ Reading Time:
35 sec. here
2 min. at publisher
📊 Quality Score:
News: 17%
Publisher: 71%

Business News News

Business Business Latest News,Business Business Headlines

WASHINGTON - President Joe Biden on Tuesday hailed progress in the US bid to revamp its 21st century economy after huge South Korean group SK announced a US$22 billion investment in US semiconducto

r and other cutting edge industries.

"America is the key destination for advanced technologies," he added, stressing that the investment signaled success for his broader policy of"working with our allies." The conglomerate said in a statement it plans to"increase its new investment in the United States by US$22 billion in areas including semiconductors, green energy, and bioscience, creating tens of thousands of new high-tech, high-paying American jobs."

According to a White House spokesman, SK Group's growing commitment reflects a push to rebuild US-based manufacturing and supply chains, which have been severely disrupted by fallout from the global Covid-19 pandemic shutdowns.

Write Comment

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

SK Group US$22 billion US investment to create secure supply chains: White HouseWASHINGTON : New investments by South Korean conglomerate SK Group in the United States announced on Tuesday is an example of successful efforts by the Biden administration to create more resilient and secure supply chains, the White House said on Tuesday. South Korea's second-largest conglomerate was expe
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »