Biden to hold virtual talks with head of South Korea’s SK Group

United States President Joe Biden will meet virtually the head of South Korea’s number two conglomerate SK Group to discuss the company’s investments in American manufacturing and jobs, the White House has said.

Biden and SK Group Chairman Chey Tae-won will hold talks on Tuesday from 2pm EDT (18:00 GMT), with US Commerce Secretary Gina Raimondo also due to attend, the White House said in a statement.

Chey Tae-won last year said the conglomerate, South Korea’s largest after Samsung Electronics, would invest about $52bn in the US through 2030.

The virtual meeting comes as the Biden administration is seeking the cooperation of Asian allies such as South Korea to reinforce supply chains for critical components such as semiconductors.

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

During a five-day trip to South Korea and Japan in May, Biden announced the launch of the Indo-Pacific Economic Framework (IPEF), a framework for common standards on supply chains, worker protections, decarbonisation and anti-corruption measures.

Biden started the trip with a visit to a South Korean chip factory operated by Samsung, which last year announced plans to open a $17bn semiconductor plant in Texas.

Biden also held meetings with Samsung Vice Chairman Lee Jae-yong and Hyundai Motor Group Chairman Chung Euisun during a two-day visit to Seoul before visiting Japan.

A Seoul-based spokesperson for SK Group did not have an immediate comment.