Korean Minister of Trade, Industry and Energy Kim Jong-kwan is visiting the United States to attend the G20 Innovation Ministers' Meeting and to discuss expanding economic cooperation between South Korea and the U.S. The visit aims to attract U.S. investments in South Korea while also exploring investment opportunities for Korean companies in the U.S., thereby strengthening reciprocal investment cooperation between the two nations.
The Ministry of Trade, Industry and Energy announced that Minister Kim will visit North Carolina, Washington D.C., and Louisiana from September 1 to 4.
On September 2, Minister Kim will participate in the G20 Innovation Ministers' Meeting in Chapel Hill, North Carolina. The meeting will focus on global cooperation in innovation, particularly in the areas of artificial intelligence (AI) intellectual property rights, AI standards, and AI supply chains.
On September 3, he will hold an investment declaration ceremony and a roundtable in Washington D.C. in collaboration with the Korea Trade-Investment Promotion Agency (KOTRA). Minister Kim plans to attract investments from U.S. companies in sectors such as semiconductors, advanced materials, and offshore wind power, while also listening to local companies' investment status and concerns regarding investments in South Korea.
On September 4, he will attend the groundbreaking ceremony for the Hyundai-Posco Louisiana Steel Mill (HPLS) in Donaldsonville, Louisiana. HPLS is part of a $26 billion investment plan by Hyundai Motor Group in the U.S., with Hyundai Steel investing $5.8 billion in the project. The ministry believes that the construction of the steel mill will contribute to establishing a stable supply chain in North America.
Before the groundbreaking ceremony, Minister Kim will meet with Louisiana Governor Jeff Landry to discuss mutually beneficial and strategic cooperation between South Korea and the U.S., particularly in the energy sector.
This visit emphasizes the simultaneous promotion of expanding Korean investments in the U.S. and attracting U.S. investments in South Korea. The goal is to broaden the scope of industrial and supply chain cooperation between the two countries through mutual investments.
Minister Kim stated, "We aim to confirm our commitment to supply chain cooperation through Korean investments in the U.S. while attracting U.S. investments in South Korea. This will serve as an opportunity to solidify active reciprocal investment cooperation between the two countries."
* This article has been translated by AI.
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