President Joe Biden is slated to talk up a South Korean conglomerate’s plan for $22 billion in new investments in U.S. manufacturing.
Biden will meet virtually at 2 p.m. Eastern Tuesday with the chairman and principal owner of SK Group to “discuss the company’s robust investments in American manufacturing and jobs,” the White House said in a statement.
A White House spokesperson said SK Group’s $22 billion in new investments comes after “$7 billion in recently announced investments for a total of nearly $30 billion under the Biden Administration” by the company.
“This announcement by SK Group is also another proof point of the success of the Administration’s efforts to create more resilient and secure supply chains and outcompete the rest of the world in the technologies of the future by investing in American companies and workers and bringing in foreign investment to create good-paying American jobs,” the spokesperson said.
SK Group is involved in a wide range of industries, including energy, chemicals, semiconductors and telecom. Its chairman is Chey Tae-won.
Republicans are widely expected to score wins in this November’s midterm elections, thanks in large part to Americans’ frustrations with raging inflation that’s hitting the U.S. economy.
High prices for gasoline RB00, -1.45% and other essentials are helping to keep Biden’s approval ratings low — and giving a talking point for Republicans to use against the president and his fellow Democrats.
Add Comment