Presidential Office "Welcomes LG Energy Solution-Canada Subsidy Negotiation Settlement"

Presidential Office Emphasizes Yoon's Economic Diplomacy
Yoon Requests Problem Resolution at South Korea-Canada Summit
Separate Table for South Korea-Canada Industry Ministers and LG at Official Dinner

The Presidential Office expressed its welcome on the 6th regarding the Canadian government's promise to increase subsidies for the LG Energy Solution joint venture.

Choi Sang-mok, Senior Secretary for Economic Affairs, said at a briefing held at the Yongsan Presidential Office in the afternoon, "There was an announcement this morning that the Canadian government promised subsidies at a level equivalent to the U.S. Inflation Reduction Act (IRA) for the battery factory being built in Canada by the joint venture of LG Energy Solution and Stellantis," adding, "We welcome the conclusion of the negotiations and express our gratitude to the Canadian government."

[Image source=Yonhap News]

LG Energy Solution and Stellantis had promised to invest $4 billion (5.4 trillion won) to build a battery joint factory in Ontario, Canada, but halted construction on May 15 due to the Canadian federal government's failure to fulfill its financial support commitment.

Senior Secretary Choi also emphasized that President Yoon Suk-yeol's economic diplomacy played a role in reaching this agreement. He said, "Before the Korea-Canada summit in May, President Yoon received a detailed report on the difficulties faced by LG Energy Solution and raised the issue with Canadian Prime Minister Justin Trudeau, requesting his attention and prompt resolution."

He continued, "During the official dinner, he instructed to create a separate table for the two countries' ministers of industry and the president of LG Energy Solution, who were seated separately, and urged, 'This dinner must conclude the matter today.'

He emphasized, "This month, a consensus was reached through trilateral discussions, followed by working-level talks, leading to today's positive outcome."

Furthermore, Senior Secretary Choi stated, "We will continue to strive so that presidential diplomatic activities aimed at resolving difficulties faced by our companies and supporting overseas expansion can lead to concrete results like today’s at the corporate sites."

[Image source=Yonhap News]

This content was produced with the assistance of AI translation services.