Biden meets virtually with South Korea's SK Group, discusses $22 billion investment

July 26 (UPI) -- President Joe Biden, who is still recovering from a bout with COVID-19, met virtually with representatives of the South Korean conglomerate SK Group Tuesday to introduce $22 billion of new investment in manufacturing.

The White House said the new investment comes on top of $7 billion previously announced by the organization.

Business representatives from South Korea and U.S. officials, including Commerce Secretary Gina Raimondo, gathered in the Roosevelt Room to meet with Biden, who appeared on a television monitor as he continues to isolate following his COVID-19 diagnosis last week.

"I'm feeling great. I hope it comes across that way. ... I hope I look as good as I usually do, which is not that good," Biden joked.

Chey Tae-Won, chairman of SK Group, discussed the $22 billion in new investment in the United States in manufacturing and tech, which he said represented more than $30 billion total, while commending South Korea's ongoing relationship with the United States.

"Tomorrow, we commemorate 69 years since the end of the Korean War. So the American and Korean relationship is deep and longstanding," Chey said. "Today, we are here to talk about the investment in the U.S."

Chey went on to break down the fund allocation, including investments in a Texas factory with Ford Motor Company and green energy.

"Today's announcement is further proof America is back to working with our allies," Biden responded. "We're going to continue to invest in the education side of this, so you can have the best trained and best equipped workers."

Biden's meeting with the SK Group comes after the president met with Samsung Electronics Vice Chairman Lee Jae-yong and Hyundai Motor Group Chairman Chung Euisun during his South Korean visit to Seoul in May.

The SK Group owns SK hynix, the world's second-largest memory chipmaker, and SK On, the electric vehicle battery maker.

"This announcement by SK Group is also another proof point of the success of the administration's efforts to create more resilient and secure supply chains and outcompete the rest of the world in the technologies of the future by investing in American companies and workers and bringing in foreign investment to create good-paying American jobs," a White House spokesperson said, according to Market Watch.