Ministry of Trade, Industry and Energy

Minister for Trade Inkyo Cheong held talks via videoconferencing with Bill Lee, Governor of Tennessee, U.S., on April 23 (KST) and discussed measures for stronger trade and economic cooperation.

 

Noting that the Korea-U.S. alliance is advancing to one of high-tech industries and supply chains, the trade chief said that Korean producers of battery, anodes, and cathodes investing in Tennessee is a good example of bolstered cooperation. Moreover, he highlighted that he looks forward to State Government-level support for Korean firms for stable investment and business management in terms of infrastructure and tax credit.

 

Trade Minister Cheong also requested that careful attention be given to ensure that Korean battery, anodes, and cathodes companies investing in the State of Tennessee duly receive their Inflation Reduction Act (IRA) tax incentives. In addition, he asked for cooperation with respect to recent issues on visas required for dispatching experts for local personnel training and equipment handling prior to factories’ commencing local operation.

 

Governor Lee addressed Korean companies’ recently increasing investment in the U.S. and stated that close attention will be paid with regard to Korea’s requests.