South Korea's second biggest conglomerate is investing $22 billion into the United States, in high-priority areas including chips and clean energy.

The funding announcement comes just as the group's massive chipmaking unit warned of weaker consumer demand for technology products for the rest of the year. It also coincided with a key vote in the US Senate on Tuesday to push forward a bill that seeks to increase domestic production of semiconductors.

Leaders from the mammoth SK Group met virtually with US President Joe Biden on Tuesday to announce the landmark deal, which is expected to create more than 15,000 new jobs.

*

While the exact timeline for the investments was not disclosed, Biden said that the Seoul-based corporate giant plans to grow its US workforce from 4,000 to 20,000 people by 2025.

*

SK Group said it would direct the funding to increased production and development of semiconductors, electric vehicle batteries, and pharmaceuticals.

Up to $14 billion will go toward building two new gigafactories in Tennessee and Kentucky, in a joint venture with Ford (F), the group's chairman, Tae-won Chey, said in remarks made public by the White House.

South Korea's second biggest conglomerate is investing $22 billion into the United States, in high-priority areas including chips and clean energy.

The funding announcement comes just as the group's massive chipmaking unit warned of weaker consumer demand for technology products for the rest of the year. It also coincided with a key vote in the US Senate on Tuesday to push forward a bill that seeks to increase domestic production of semiconductors.

Leaders from the mammoth SK Group met virtually with US President Joe Biden on Tuesday to announce the landmark deal, which is expected to create more than 15,000 new jobs.

*

While the exact timeline for the investments was not disclosed, Biden said that the Seoul-based corporate giant plans to grow its US workforce from 4,000 to 20,000 people by 2025.

*

SK Group said it would direct the funding to increased production and development of semiconductors, electric vehicle batteries, and pharmaceuticals.

Up to $14 billion will go toward building two new gigafactories in Tennessee and Kentucky, in a joint venture with Ford (F), the group's chairman, Tae-won Chey, said in remarks made public by the White House.