CHUNGCHEONGBUK-DO < invest Korea

According to Pulse by Maeil Business News Korea,

South Korea’s second-largest conglomerate SK Group will spend 67 trillion won ($48.2 billion) to enhance battery, bio and chip (BBC) businesses outside the capital region as it moves on to act out on its pledge of 179-trillion-won capital expenditure at home.

The group in its disclosure on Wednesday said out of its five-year capex plan, 67 trillion won worth BBC projects would be devoted beyond capital region. The details are related to 179 trillion won domestic investment plan announced in May. Nearly half of the spending, or 30.5 trillion won will go to enhancing the infra and technology in chips and materials, 22.6 trillion won in green business, 11.2 trillion won in digital sector, and 2.8 trillion won in bio and others. Memory chipmaker SK hynix Inc. will invest a total of 15 trillion won to build new M15X plant for chip manufacturing in Cheongju, North Chungcheong Province. Silicon wafer-making unit SK siltron Co. has injected 190 billion won to expand facilities for silicon carbide (SiC)-based wafer production at the Gumi Plant 2 in North Gyeongsang Province and is planning to spend additional 1 trillion won by 2025 for further expansion in Gumi.

SK materials Co. has earmarked 1 trillion won to add and expand manufacturing plants for specialty gas for semiconductors and silicon anode material for batteries in Yeongju, Sangju of North Gyeongsang Province and Sejong City.

SK E&S, the clean energy & solution unit, will establish the world’s largest eco-friendly, clean hydrogen facilities near the LNG terminal in Boryeong, South Chungcheong Province, with 5 trillion won by 2025.

SK Group has earmarked 73 trillion won (of the total 179 trillion won for home over the next five years) this year and next – 48.7 trillion won in chips and materials, 12.8 trillion won in green business, 9.8 trillion won in digital sector, and 2.2 trillion won in bio and others.

SK Telecom and SK Broadband will build wired and wireless networks for 5G with 5 trillion won, and SK E&S will establish renewable energy and natural gas facilities with 1 trillion won.

A total of 25 trillion won will be injected in research and development projects for technology improvements.

SK Group this year will hire record 13,000 new workers, adding 50 percent from last year. About 1,000 will be employed for battery business amid rapid growth of electric vehicle market.

SK Inc. shares fell 2.39 percent to close at 224,500 won in Seoul trading on Wednesday.

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Source: Pulse by Maeil Business News Korea (Sept. 14, 2022)