Ministry of Trade, Industry and Energy

Korea’s Minister of Trade, Industry and Energy Dukgeun Ahn met with members of the U.S. House Committee on Natural Resources on May 30 in Seoul to discuss measures for Korea-U.S. cooperation in energy and critical minerals. The U.S. delegation, led by Committee Chairman and U.S. Representative Bruce Westerman (R-AR), consisted of Representatives Nick Begich (R-AK), Harriet Hageman (R-WY), Celeste Maloy (R-UT), and Sarah Elfreth (D-MD).

During the talks, Minister Ahn emphasized the need for Korea-U.S. energy cooperation and for stabilization across the critical minerals supply chain in light of increasing global energy demand and supply chain uncertainties. He also requested special concern towards preventing the recent tariff measures from negatively impacting the two countries’ close industrial and energy cooperation. Moreover, he proposed that the two sides engage in consultations on ways to strengthen bilateral energy cooperation in an effort to resolve issues of energy security and trade imbalance.

With regard to the budget reconciliation bill that recently passed the U.S. House of Representatives, Minister Ahn underscored the need for policy continuity and support equivalent to the Inflation Reduction Act (IRA) tax credit incentives to ensure stability for Korean companies investing in the U.S. Furthermore, he asked for interest and support at the U.S. Congress-level in invigorating the two countries’ bilateral trade and investment.