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Indiana Secretary of Commerce David Rosenberg is leading an economic development trip to South Korea this week, the Indiana Economic Development Corp. announced Monday.
Rosenberg and six IEDC representatives departed Indianapolis on Sunday and are expected to return on Friday, marking the fourth state-led trip to South Korea in the last five years. The IEDC opened a two-person business-development office in Seoul, South Korea, in July 2023.
The agency said the delegation will work to strengthen growing ties between Indiana and South Korea, and boost investment in automotive manufacturing, electric vehicles, energy generation and storage, and technology.
Part of the trip will involve showcasing the state’s growing electric vehicle industry at InterBattery 2024, South Korea’s leading battery exhibition, which is expected to draw about 75,000 attendees and 500 businesses focused on batteries, automotive, electronics and equipment, new materials, energy, petrochemicals and semiconductors.
It is the second year in a row that Indiana was invited by the U.S. Embassy in Seoul to be part of conference.
“Indiana’s battery and electric vehicle supply chain has historic momentum, attracting more than $14 billion in investments since 2022 thanks in large part to our industry partners in South Korea,” Rosenberg said in written remarks. “The state’s showcase at InterBattery 2024 is a competitive opportunity to highlight Indiana, our business advantages and our skilled talent pipeline to global industry leaders and the broader supply chain.”
In addition, the delegation will meet with business prospects executives from South Korea-based companies already investing in Indiana, including soulbrain MI and Jaewon Industrial, which are both establishing operations in Kokomo to serve lithium-ion battery manufacturers and the state’s growing EV supply chain.
Rosenberg also plans to meet with leaders of the U.S. Embassy in Seoul to discuss opportunities to foster the Indiana-South Korea relationship and visit Samsung SDI, the state’s largest South Korean investor.
Samsung SDI is a partner in three major EV battery investments in Indiana: a total $6.3 billion investment in partnership with Stellantis to establish two battery manufacturing facilities in Kokomo and create 2,800 jobs as well as another $3 billion investment in partnership with General Motors to establish an EV battery cell plant in New Carlisle and create 1,700 new jobs.
Indiana is home to 14 businesses from South Korea. Since 2013, South Korea-based businesses and their U.S.-based affiliates have committed to investing more than $15.1 billion to establishing or grow operations in Indiana, creating more than 7,700 Hoosier jobs, the IEDC said.
The trip is being funded by the IEDC’s Business Promotion and Innovation Fund, which was established to promote business investment and encourage entrepreneurship and innovation.
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Is the SK Hynix chip plant coming to Indiana?
It would probably help the state EV industry if they didn’t tax EVs at hundreds of dollars more than equivalent gas cars, but what do I know?