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The White House remains optimistic about the U.S. economy after announcing a multi-billion dollar investment from a Korean firm.
Watch the briefing in the player above.
South Korea’s SK Group on Tuesday announced plans to invest $22 billion in the United States on industries including semiconductors, green energy and bioscience, which the White House said will create tens of thousands of domestic jobs while helping ease global supply chain snarls that have persisted during the coronavirus pandemic.
SK Group’s investments will include $15 billion in the semiconductor industry through research and development programs, as well as materials and a testing and packaging facility, which will help address supply chain problems, the conglomerate said in a statement.
Another $5 billion will go to green energy businesses, including electric vehicle charging stations, green hydrogen production and battery materials and recycling, SK Group said.
READ MORE: As inflation soars, the Federal Reserve is set to announce another interest rate hike
The final batch, which the company described as worth “several billions of dollars,” would go toward biotechnologies developing new drugs designed to bolster competitiveness in the U.S. pharmaceutical industry.
The investment is part of the Biden administration’s efforts to reduce the impact of supply chain bottlenecks around the globe, which the administration says are helping fuel record-high inflation.
The White House is also championing a proposal advancing through Congress designed to boost the computer chips industry and high-tech research in the United States.
The investment also comes just days before the government estimates the gross domestic product for the April-June period, which some economists think it may show the economy shrank for a second straight quarter.
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