Biden to hold virtual talks with head of South Korea’s SK Group | Business and Economy

The White Home says the digital assembly will give attention to investments in American manufacturing and jobs.

United States President Joe Biden will meet nearly the top of South Korea’s quantity two conglomerate SK Group to debate the corporate’s investments in American manufacturing and jobs, the White Home has mentioned.

Biden and SK Group Chairman Chey Tae-won will maintain talks on Tuesday from 2pm EDT (18:00 GMT), with US Commerce Secretary Gina Raimondo additionally as a consequence of attend, the White Home mentioned in an announcement.

Chey Tae-won final yr mentioned the conglomerate, South Korea’s largest after Samsung Electronics, would make investments about $52bn within the US by 2030.

The digital assembly comes because the Biden administration is in search of the cooperation of Asian allies resembling South Korea to bolster provide chains for important parts resembling semiconductors.

SK Group affiliate SK Hynix is the world’s second-largest reminiscence chipmaker after native rival Samsung.

Throughout a five-day journey to South Korea and Japan in Could, Biden introduced the launch of the Indo-Pacific Financial Framework (IPEF), a framework for widespread requirements on provide chains, employee protections, decarbonisation and anti-corruption measures.

Biden began the journey with a go to to a South Korean chip manufacturing unit operated by Samsung, which final yr introduced plans to open a $17bn semiconductor plant in Texas.

Biden additionally held conferences with Samsung Vice Chairman Lee Jae-yong and Hyundai Motor Group Chairman Chung Euisun throughout a two-day go to to Seoul earlier than visiting Japan.

A Seoul-based spokesperson for SK Group didn’t have a right away remark.

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