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SK Group to invest $48B outside Seoul, Incheon, and Gyeonggi Province

Author : Saipriya Iyer | Published Date : 2022-09-16 

SK Group to invest $48B outside Seoul, Incheon, and Gyeonggi Province

SK Group, the second-largest South Korean corporation, has reportedly announced an investment of ?67 trillion ($48.1 billion) over the following five years to support biopharmaceutical, semiconductor, and energy sectors in regions outside Seoul, Gyeonggi, and Incheon provinces.

The investment's primary goals are to support the region’s economic revival and balance national development.

SK also intends to invest ?25 trillion ($17.9 billion) in R&D by 2027 and a sum of ?73 trillion ($52.2 billion) in facility investments from 2022 to 2023, including the expansion of current domestic facilities and new constructions.

Reportedly, the technological and infrastructure competence of the batteries, bio, and semiconductors sectors, which are essential growth engines, are the focus of its domestic investment, and research and development arms.

The ?67 trillion ($48.1 billion) investments are being directed at the key growth drivers of the SK Group. While materials and semiconductors segment will receive ?30.5 trillion ($21.8 billion), green industry will obtain ?22.6 trillion ($16.1 billion). Additionally, the digital section is set to gain ?11.2 trillion ($8 billion), and bio and others which will receive ?2.8 trillion ($2 billion).

The non-metropolitan investments are managed by SK Siltron, which includes SK Materials, SK Hynix, and SK E&S.

SK Hynix has chosen to invest ?15 trillion ($10.7 billion) in a project to build the latest M15X semiconductor production facility in Cheongju, North Chungcheong Province, within the next five years.

SK Siltron recently committed ?190 billion ($136 million) to develop wafering and EPI expanding production plants at its Gumi facility in Gyeongsang Province to enhance the SiC wafer production process. It will also invest an additional ?1 trillion ($716 million) in Gumi by 2025 to increase the size of its wafer manufacturing facility owing to rising investment in data centers, EVs, and 5G.

Meanwhile, SK E&S will also invest over ?1 trillion won ($0.7 million) by 2023 to construct clean energy facilities.

Reportedly, SK Group also plans to recruit over 13,000 people this year, the largest in its history, to run its battery, bio, and chip divisions.

Source credit: https://www.koreatimes.co.kr/www/tech/2022/09/419_336052.html

About Author

Saipriya Iyer . .

Saipriya Iyer

Saipriya Iyer presently works as a content developer for fractovia.org. Having dabbled with the domain of content creation for nearly half a decade, she now boasts of an enviable portfolio, holding substantial experience in penning down pieces related to technology, finance, and a wide spectrum of other industry verticals. A qualified computer engineering graduate from the University of Pune, Saipriya can often be found leveraging her knowledge of software technology and electronics in her write-ups. She can be contacted at- [email protected] | https://twitter.com/saipriya_i

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