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

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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.

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