Roosevelt Room
Via Teleconference

2:19 P.M. EDT
 
MR. DEESE:  Hi, Mr. President.
 
THE PRESIDENT:  How are you? 
 
Hey, Tony.  How are you, pal?
 
MR. CHEY:  Howdy.  Indeed, definitely fantastic to see you. 
 
MR. DEESE:  So, Mr. President —
 
THE PRESIDENT:  I should really be sitting down right away to your correct.   I’m only a pair hundred yards away.  I apologize I’m not there.  (Laughter.)
 
MR. DEESE:  Yeah, Mr. — Mr. President, thank you for — thank you for becoming a member of us.
 
And as you know, we have the — we have the delegation from SK in this article.  We’re — we’re thrilled to have you right here at the White Residence and to explore this pretty considerable announcement of investments that SK is building these days. 
 
With your authorization, Mr. President, I will just switch the floor to Chairman Chey to quick you and update you right on the announcement that they’re producing nowadays.  And then we can get into the conversation.
 
THE PRESIDENT:  It is a huge announcement.  Choose as extensive as you have to have, Tony.  (Laughter.)
 
MR. CHEY:  Thank you.  Indeed, very good afternoon, Mr. Biden — yeah, President Biden.  I know I talk for the individuals of the South Korea in wishing you the speedy recovery.
 
And I would like to specific that my honest gratitude for this option to focus on our recent and upcoming cooperation in production significant technologies in the U.S.
 
Thank you also, Commerce Secretary Gina Raimondo and Director of the National Economic Council Brian Deese, for your aid of our investment decision in United States.
 
We are also grateful for the sturdy partnerships we have fashioned throughout your — the administration, in Congress, and in a lot of condition federal government — yeah — that have served make our investment decision happen.  
 
So, tomorrow we will commemorate 69 many years considering the fact that the finish of the Korean War.  So, the American and Korean romance is deep and longstanding.  Our nations around the world fought facet-by-aspect all through the horrible conflict, and now we have worked aspect-by-side to build the technologies and infrastructures that will electricity the 21st century economic system all around the planet. 
 
So, SK’s determination to develop and invest in Korea is enduring.  But today, while, we are here to converse about the investment decision in U.S.  So our cooperation will make the offer chain in each our nations far more resilient in vital systems.  And the SK Group motivation to the United States runs deep, and we have backed that commitment with $22 billion of expenditure in U.S. in the latest many years.
 
Right now, we are announcing another $22 billion in new financial investment in the U.S., so which include the big expenditure in semiconductor EV batteries and biotechnology.
 
All this suggests that SK will invest in approximately $30 billion going ahead, growing on our modern announcement of $7 billion financial commitment in EV batteries.
 
And so, SK will commit the fifty percent of our complete investment amount of money in the U.S. in semiconductor ecosystem.  Effectively, this revenue will fund R&D applications in partnership with the main American universities and restoration innovative packaging (inaudible) in the U.S.
 
Well, this initiatives will contribute to developing the up coming technology of memory chips, which will profit the whole U.S. higher-tech sector.
 
So, President Biden, we share your determination to environmentally friendly energy.  In addition to our new EV battery factories in Ga, we will — we will be investing extra — $7 billion a lot more out of the overall, our JV financial commitment total — up to $14 billion — to create two new gigafactory in Tennessee and Kentucky as a portion of our joint venture with the Ford Motor Enterprise.
 
So we will devote an additional $5 billion in other green electrical power organizations, including the extremely-rapidly EV charging technique, the inexperienced hydrogen, and battery products, recycling, and also tiny modular reactors.
 
Also, our investment decision will extend our facility in the U.S. in bioscience and biopharmaceutical sectors.  We imagine our initiatives will contribute to strengthen the U.S. supply chain resilience and to deal with the local climate adjust. 
 
So we are sincerely grateful to your administration’s ongoing support in our shared prosperity. 
 
Thank you, Mr. President.
 
THE PRESIDENT:  Thank you, Tony, and to your delegation.  This is — as somebody as soon as stated in a identical circumstance, this the significant deal.  (Laughter.)  This is genuinely, truly consequential.
 
And, you know, I’m sorry, as I mentioned, I’m not with you in particular person, but I wanted to make certain that — to personally thank you for this historic announcement.
 
You know, this pathbreaking announcement signifies obvious evidence that the United States, Korea, and its allies are back and winning the technologies opposition of the 21st century.
 
For folks at household, the SK Group is the second-most significant conglomerate in South Korea.  And due to the fact I have been President, it has produced important investments in United States. 
 
SK has now committed $30 billion in investment here, and now they’re asserting an additional $22 billion in addition.  That’ll improve their U.S. workforce from 4,000 to 20,000 staff by 2025, investing in a variety of highly developed technologies, some of which Tony presently described, from semiconductors to large-capacity batteries, to electric powered car or truck chargers, and to prescription drugs. 
 
And partnering with legendary American firm, like Ford and Intel, it’s just unbelievable.  Further more proof that The united states is open up for organization.  Evidence that we’re meeting the emergency and the climate disaster with urgency and possibility and innovation to help save the world and build superior-shelling out employment to profit each our international locations.
 
We’re investing a lot more than $1 trillion in the United States to modernize our infrastructure, which include 500,000 electric powered charging stations across The united states.
 
Considering the fact that I arrived to office, we have found more than $200 billion in private sector electricity investments in electric powered motor vehicles, sophisticated batteries, and semiconductors.  Design of general producing services in The us has increased by 116 percent.  And this is only going to include to that, Tony.  Thank you.
 
And the construction in The us indicates employment for Us residents.  Due to the fact I have been in place of work, the economic system has established 613,000 total producing work opportunities — just production careers.
 
Today’s announcement is also evidence that America is back to doing work with our allies.
 
By uniting our skills and innovation, we will be capable to manufacture the systems that build the important improvements that are essential each for our — for the two our international locations.
 
Throughout my stop by to South Korea in May, when I bought to sit at the desk across from Tony — and it was a crowded home — I toured Samsung’s campus with President Yoon, and I observed how the manufacturing unit there is producing innovative semiconductor chips and is committing $17 billion to construct a similar manufacturing unit right here in The usa.
 
In Seoul, I achieved with the Chairman of Hyundai, and we announced — as we introduced $10 billion in new investments in America — American manufacturing, such as a $5.5 billion expenditure for an superior automotive factory in the vicinity of Savannah, Georgia, in which — wherever SK is also likely to be investing and develop — making extra than 8,000 employment.
 
In the past, these kinds of technology investments went to China.  Nowadays, below my administration, these engineering investments are coming to the United States.  We’re speaking about some of the most considerable investments we’ve at any time found in our nation.
 
The us is the crucial location for highly developed technologies, and it’s the type of — it’s that variety of proactive engagement that reminds me 1 of the rewards of investing in the United States, and that is the prospect to partner with some of the most really experienced, devoted, and engaged staff in the globe: American union associates. 
 
Now, seem, just yesterday, I fulfilled with members of my financial and countrywide protection teams and CEOs and labor leaders to emphasize the urgency of having the bipartisan CHIPS Act to my desk.
 
And right now, the Senate took a really crucial bipartisan step to get us nearer.  They, in actuality — they, in reality, fulfilled the cloture necessity, and having that bill to my desk is substantially nearer now.  For the reason that this genuinely issues.
 
Let me — allow me near with this: You know, Tony, you and your staff, I want to thank you for being in this article at the White Household.  And again, I feel so poorly — I’m so shut to you, but since I’m in the final working day of owning been identified with COVID — I’m feeling good I hope it arrives across that way as nicely.  I hope I glimpse as terrific as I really feel below. 
 
But you know — and you are — (laughter) — effectively, you know what I imply.  That sounded off a little bit.  (Laughter.)  I never look that very good.  I hope I glance as very good as I ordinarily do, which is not that very good.  (Laughter.)
 
Hey, look, but — (laughs) — but I want to thank you once more for becoming at the White Household and for your investment decision in American personnel, our best useful resource.
 
And, Tony, as you begin the rest of the conference now, what more do you feel we can do to keep this momentum likely?
 
MR. CHEY:  Thank you, Mr. President.  And it is really my enjoyment remaining below even though you are not in human being with me, but close adequate.  (Laughter.) 
 
THE PRESIDENT:  I can stroll out on the balcony and holler to you.  (Laughter.)
 
MR. CHEY:  But you absolutely do not have to market us on investing in the U.S. since we previously fully commited about $30 billion and $22 billion in a pipeline. 
 
THE PRESIDENT:  Yep.
 
MR. CHEY:  Nicely, we developed tens of 1000’s of really compensated and remarkably qualified work.  But we consider — our watch is the United States is our most significant organization lover.  But a single matter we can perform jointly is developing a skillful workforce.  That would be the crucial for making sure that The us has a form of employee required to direct the following technology — the producing economy.
So, we will work closely with the state and group faculties to assistance make sure that personnel know what they need to know to lead careers in our facility.  The federal, condition, and the community coordination, and the deep financial commitment in occupation teaching, would support other firms to locate the skillset they want and commit additional in — here in U.S. as well.

So we glance ahead to operating with you, Mr. President, and — on advancing the workforce, the instruction in the coming a long time.

Which is just one factor.  But in this article is another points that I want to point out to you as properly: I’d like to basically emphasizing some partnerships between the enterprise and the nonprofit firm in U.S. and Korea.  So we imagine the collaboration among the firm of the two countries will inspire them to commit additional throughout the border.

So, for case in point — I will give you some — some illustrations that SK worked closely with Novavax as a — the pharma — U.S. pharmaceutical enterprise to establish the produ- — develop the COVID-19 vaccine.

THE PRESIDENT:  Indeed.

MR. CHEY:  So, as a end result of the co-investing in R&D and the generation potential.

A person other instance is, as a new make a difference, is SK is also partnering with the Gates Foundation and the University of Washington to establish the new COVID vaccine.  This is a new one.

THE PRESIDENT:  Certainly.

MR. CHEY:  So this is a type of confirmed collaboration model that can booster the investing in the U.S.

So, Mr. President, and we appear ahead to operating with you — this fostering these types of a sort of partnership with you. 
 
Thank you.

THE PRESIDENT:  Very well, it is a partnership.  And we have been associates a lengthy time.  And — and as we — I imagine about it, I can keep in mind the pics of my uncle — anyway, from persons getting sent from Korea again dwelling when I was a child, about (inaudible) partners a extensive time.

And, seem, a single of the points that I assure you we’re going to do is we’re heading to proceed to commit in the education side of this to have — so you have the ideal skilled, the best equipped personnel in the planet.  I actually indicate it.  And especially with regard to our neighborhood faculties, which have terrific belongings to convey to the — convey to bear.

And I imagine that — I just see this as the beginning of — of so numerous more things we can do.  And I can see that — that the Secretary is smiling, and she thinks it is the beginning also.  And I’m heading to go away it to you guys to converse about.

But in any case, thank you, all a few of you.  And once more, I apologize for not being with you.  Following time you occur, I’m heading to force you to have lunch with me in the Oval Business office so you can see what we — what I don’t do.  You know?  I signify, the Oval Office environment is charming, but we — I received — I’m all the way over listed here I can not even be near you.

So at any rate, thanks once more for almost everything.  I look forw- — I definitely signify this: The way you dealt with our delegation when we have long gone to Korea, to the Republic the way you’ve — we’ve hung with each other on overseas policy as a make a difference of domestic and economic coverage — I know which is not your duty.  But your — but your country has stepped up as an great, great asset and ally.

So thank you, thank you, thank you.

2:36 P.M. EDT

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