'SK Night' Held After 3 Years... Chey Tae-won: "Virtuous Cycle of Technology Investment Including Advanced Packaging"

"Strengthen Domestic Industrial Base Alongside Overseas Investment"
"Address Increased Uncertainty Through Public-Private Cooperation"
Enhancing Business Competitiveness via Investment in the U.S.

SK Group Chairman Chey Tae-won is delivering a welcome speech at the 'Night of SK' event held on the evening of the 21st (local time) at the SK Washington office in Washington D.C., USA.

[Asia Economy Reporter Oh Hyung-gil] Choi Tae-won, Chairman of SK Group, currently on a business trip to the United States, emphasized the importance of overseas investment to strengthen the competitiveness of the national industrial base at the 'SK Night' event, which resumed after three years.

On the 21st (local time), ahead of the SK Night event, Chairman Choi held a press conference and stated, "Investment in overseas markets is essential for domestic investment to survive," adding, "By investing in technologies we do not possess, such as advanced packaging, internalizing them, and creating a virtuous cycle that leads to domestic investment, the competitiveness of our companies can be strengthened."

He explained that SK's investment in the U.S. was not simply an investment in one country but a comprehensive result considering research and development (R&D) cooperation, securing supply chains and customers, and discovering new national growth engines.

Chairman Choi mentioned that out of the 257 trillion won investment announced by SK, 179 trillion won, accounting for 70%, is domestic investment, and said, "In times of increasing uncertainty like now, both individuals and companies need transformation for survival," emphasizing that active domestic and overseas investments will continue in the national growth engine sectors of 'BBC (Battery, Bio, Semiconductor).'

Regarding recent issues such as the U.S. Inflation Reduction Act (IRA), the Chips and Science Act (CSA), and the U.S.-led semiconductor alliance (Chip4), Chairman Choi said, "There are both opportunities and risks surrounding Korea's core industries," and added, "We need to carefully observe the situation until the related laws or policies are finalized and consider appropriate countermeasures."

Also, as Chairman of the Korea Chamber of Commerce and Industry and co-chairman of the Busan Expo joint bid committee, Chairman Choi expressed confidence about the bid prospects, saying, "There is still one year left, and if we appeal Korea's unique competitiveness in our own way, we have a good chance of winning."

Choi Tae-won, Chairman of SK Group (right), is delivering a welcome speech at the "Open SK Night" event held on the evening of the 21st (local time) at the SK Washington office in Washington D.C., USA.

Later that evening (local time), Chairman Choi attended the SK Night event held at the SK Washington office in Washington D.C., emphasizing the strengthening of the partnership between the two countries, including investment in the U.S.

In his welcoming speech, Chairman Choi said, "This year, I met President Biden and introduced plans for $30 billion in new investments and the creation of over 20,000 jobs across the bio, semiconductor, and green energy sectors," adding, "The growth SK has achieved in the U.S. would not have been possible without reliable partners within the country."

He also revealed a net-zero blueprint aiming to contribute to a carbon reduction of 200 million tons, which is 1% of the global carbon reduction by 2030, emphasizing, "Much of the investment is focused on efforts to reduce carbon emissions, and we will work with various partners to create a ‘sustainable future’ for the next generation."

The event was attended by over 300 high-ranking figures from politics and business, including U.S. Senator Chris Coons of Delaware, Senator Jon Ossoff of Georgia, and Representative Dan Kildee of Michigan, making it a grand occasion.

From SK, in addition to Chairman Choi, SK Group Vice Chairman Choi Jae-won, SK Group North America External Cooperation Head Yoo Jung-joon (Vice Chairman of SK E&S), SK Innovation Vice Chairman Kim Jun, and SK Square Vice Chairman and SK Hynix Vice Chairman Park Jung-ho attended to discuss detailed cooperation plans.

Meanwhile, SK Night, proposed by Chairman Choi and started in 2018, has established itself as an opportunity to communicate SK's global competitiveness to key figures in the U.S. market. It resumed after three years due to the COVID-19 pandemic.

This content was produced with the assistance of AI translation services.