SEOUL, Aug. 30 (Yonhap) — Trade Minister Ahn Duk-geun of South Korea met with Sen. Todd Young (R-IN) on Wednesday and discussed ways to strengthen ties between the two countries with regards to cutting-edge industries and overall economic security, according to the minister’s office.
During the meeting held in Seoul, Ahn asked for the United States’ active support for South Korean firms working in America, especially as an increasing number of Korean businesses are investing in Young’s state of Indiana.
Last month, Samsung SDI Co. announced plans to construct a second battery manufacturing facility with Stellantis N.V. in the U.S., in addition to their ongoing project for their first plant in Indiana.
Samsung SDI also said earlier that it would build an electric vehicle battery factory in Indiana in a joint venture with General Motors Co.
The two sides also discussed pending issues of the U.S. Inflation Reduction Act, the Chips and Science Act and the regulation of semiconductor exports to China, in light of worries about the regulations’ impact on South Korean companies, the ministry said.
The IRA offers tax credits of up to US$7,500 to each buyer of a new electric vehicle assembled only in North America and with batteries made of a certain amount of critical minerals produced in the region.
Under the Chips Act, foreign chipmakers can receive subsidies totaling US$52.7 billion and tax incentives for setting up production facilities in the U.S., though the act comes with strings attached.
On Tuesday, President Yoon Suk Yeol met with Young for talks on ways to develop bilateral ties.
Yoon requested the senator’s continued attention to the smooth execution of investment plans by South Korean companies and voiced hope for bipartisan support from the U.S. Congress for the stable development of trilateral cooperation among South Korea, the U.S. and Japan.
President Yoon Suk Yeol (R) shakes hands with Sen. Todd Young (R-IN) during their meeting at the presidential office in Seoul on Aug. 29, 2023, in this photo provided by the office. (PHOTO NOT FOR SALE) (Yonhap)
graceoh@yna.co.kr
(END)
South Korean Trade Minister and U.S. Senator Discuss Economic Security, Key Industries
SEOUL, Aug. 30 (Yonhap) — Trade Minister Ahn Duk-geun of South Korea had a meeting with Sen. Todd Young (R-IN) on Wednesday and discussed ways to bolster bilateral ties with respect to advanced industries and overall economic security, according to Ahn’s office.
At the gathering in Seoul, Ahn asked for Washington’s active assistance for South Korean companies operating in the U.S., particularly as an increasing number of Korean firms are investing in Young’s state of Indiana.
Last month, Samsung SDI Co. revealed a plan to construct a second battery manufacturing facility with Stellantis N.V. in the U.S., in addition to the ongoing project for their first plant in Indiana.
Samsung SDI also said earlier that it will construct an electric vehicle battery factory in Indiana in a joint venture with General Motors Co.
The two sides also discussed pending matters of the U.S. Inflation Reduction Act, the Chips and Science Act and the regulation of semiconductor exports to China in light of concerns over the regulations’ effect on South Korean businesses, the ministry said.
The IRA offers tax credits of up to US$7,500 to each buyer of a new electric vehicle assembled only in North America and with batteries made of a certain amount of critical minerals produced in the region.
Under the Chips Act, foreign chipmakers can receive subsidies totaling US$52.7 billion and tax incentives for setting up production facilities in the U.S., though the act comes with strings attached.
On Tuesday, President Yoon Suk Yeol met with Young for talks on ways to develop bilateral ties.
Yoon requested the senator’s continued attention to the smooth execution of investment plans by South Korean companies and voiced hope for bipartisan support from the U.S. Congress for the stable development of trilateral cooperation among South Korea, the U.S. and Japan.
President Yoon Suk Yeol (R) shakes hands with Sen. Todd Young (R-IN) during their meeting at the presidential office in Seoul on Aug. 29, 2023, in this photo provided by the office. (PHOTO NOT FOR SALE) (Yonhap)
graceoh@yna.co.kr
(END)