SK chief seeks business expansion in US, vows to invest $10b more

Introducing SK Group as a committed business in US, the group’s chief Chairman Chey Tae-won said the South Korean conglomerate would invest $10 billion in next three years in new growth engines.

Chey accompanied by CEOs of SK’s subsidiaries, hosted an evening event in Washington on Thursday to present the future vision of the group and its investment plan in US, officials said. 

Held in its office there, SK Night attendees included Karen Kelly, deputy secretary of Department of Commerce, Rep. Frank Lucas of Oklahoma State, Harold Hamm, chairman of Continental Resource and David Smith, Chairman of Sinclair Group.

While addressing the group’s investment plan, Chey also pledged to become a committed partner to communities in US through its drive to create social value, a part of his sustainable management strategy stressing the importance of corporates’ role for making a better environment for all.

“We can create social value through creating more jobs, paying tax, providing educational opportunities and using eco-friendly materials,” he said. “It is estimated that SK created social value worth $2.4 billion in the US last year.”

During his visit to the US, Chey is set for separate meetings with Wilbur Ross, Secretary of Commerce, John Hamre, head of CSIS and Edwin Feulner, Chairman of Heritage Foundation.

Chey is also scheduled to attend Global Citizen Award ceremonies in New York as corporate sponsor for the award over the weekend, officials added.

SK has been active in acquiring US companies to expand its business capabilities and seek future growth. The South Korean conglomerate recently acquired a wafer unit from DuPont through its subsidiary SK Siltron.

“With growing uncertainties over global economy and volatile geopolitical issues increasingly affecting to the management of businesses, SK Night holds significance not only for SK but also nation’s interest,” said Lee Hang-soo, PR head at SK Supex, a decision making council of the group that has energy-to-chip making business. 

“We will reflect what we have learned from this trip in the group’s management strategy, to grow further as a leader in the competitive global market.”

By Cho Chung-un (christory@heraldcorp.com)