U.S. President Joe Biden on Tuesday welcomed SK Group’s plan to invest an additional 22 billion dollars in the United States.

According to the White House, SK Group Chairman Chey Tae-won, who is on a visit to the U.S., announced the plan during a video conference with Biden at the White House the same day.

Under the plan, also announced by the Seoul-based company, SK will invest 22 billion dollars in the U.S. in such fields as semiconductors, electric vehicle batteries and biotechnology, raising the total sum of the company’s investments in the U.S. to nearly 30 billion dollars, following a seven billion dollar investment pledge in electric vehicle batteries.

Biden, who is recovering from a recent COVID-19 infection, apologized to Chey for not physically sitting down with him before touting SK’s plan as “historic” and “groundbreaking.”

He said the plan by South Korea's second largest conglomerate provides evidence that South Korea, the U.S. and its allies are winning the technology competition of this century.

He added that by uniting their skills and innovation, South Korea and the U.S. will manufacture technologies that create the critical changes needed for both countries.