Ministry of Trade, Industry and Energy

Minister for Trade Inkyo Cheong of the Republic of Korea held talks with Louisiana Governor Jeff Landry today and discussed Korean companies’ investment in the state of Louisiana and measures for stronger Korea-U.S. economic and trade cooperation. 

During the talks, Trade Minister Cheong mentioned that he looks forward to deeper collaboration with the state of Louisiana in areas like petrochemicals, hydrogen, and CCUS (carbon capture, utilization, and storage), as it is the third largest natural gas producing state in the U.S.

With regard to creating a stable business environment for Korean firms engaging in joint projects and investment in the U.S., both sides concurred that continuity of major U.S. policies is important, especially those likely to directly impact the two countries’ trade and economic cooperation such as the inflation reduction act (IRA), which incentivizes clean hydrogen production and carbon capture. They further noted that this kind of policy continuity is beneficial for not only bilateral economic cooperation, but for the U.S. economy as well.

The two sides also agreed that current Korea-U.S. relations are more solid than ever on account of the bilateral summit and the Camp David Summit. They shared the view that bilateral ties are growing closer and stronger centering on advanced industries, giving a joint nod towards the need to maintain stable cooperative relations for both countries’ development.