SK Group Chairman Chey Tae-won announced substantial new investment plans in the United States, indicating these would be "much, much bigger" than previous commitments. These investments will focus on critical industries such as semiconductors, clean energy solutions, and biosciences. This builds on an earlier announcement in February where SK committed an additional $22 billion to the US market over the next few years, adding to the $30 billion already invested through 2025. A significant portion of the $22 billion, specifically $15 billion, is earmarked for semiconductor R&D partnerships and the establishment of an advanced packaging and testing facility. SK's cumulative investment is projected to increase its US workforce from 4,000 to 20,000 by 2025.
The timing of Chey's statement coincided with an economic delegation visit to the White House, reinforcing the group's dedication to strengthening economic cooperation between South Korea and the US. The emphasis on future investments highlights SK Group's strategy to expand its global footprint and leverage US technological and market opportunities. These investments are part of a broader strategy from the South Korean government to pour over $880 billion into chip and AI capabilities in partnership with companies like SK Hynix and Samsung, aiming to transform the country from an AI consumer to an AI exporter, as announced in June.
SK Hynix, a key subsidiary within SK Group and a major supplier to Nvidia, recently raised $26.5 billion in a landmark New York share offering, the largest ever by a foreign firm in the US. This capital is intended to bolster its AI semiconductor competitiveness, funding projects like a $20.9 billion investment (31 trillion won) in the first fabrication plant at the Yongin semiconductor cluster, and $12.8 billion (19 trillion won) for the P&T7 advanced packaging facility in Cheongju. Additionally, $8.1 billion (12 trillion won) is allocated for purchasing next-generation EUV lithography equipment from ASML, crucial for advanced chip manufacturing. The successful listing, with demand exceeding available shares by over seven times, showcased strong investor confidence in SK Hynix's role in the AI supply chain and provided easier access for US investors to its shares.
