Martial Arts, Discussion on Expanding Trade and Investment between Korea and Arizona

Vice Chairman Jeong Manki Meets with Katie Hobbs, Governor of Arizona

Jung Manki, Vice Chairman of the Korea International Trade Association, held a meeting on the 21st at the Federation of Korean Industries building in Yeouido with Katie Hobbs, Governor of Arizona, USA, who was visiting Korea, to discuss ways to expand trade and investment cooperation between Korea and Arizona.

During the meeting, Vice Chairman Jung said, “In 2022, Korea-US trade volume reached approximately 190 billion dollars, a 13.3% increase compared to the previous year, and Korean companies’ investment in the US has exceeded 10 billion dollars annually since 2016, showing a recent surge in trade and investment. I am pleased that last year’s trade between Korea and Arizona also increased by 40% to 1.25 billion dollars compared to the previous year.”

He added, “However, Korean companies producing semiconductors, batteries, and electric vehicles are facing difficulties securing local specialized personnel as they make large-scale investments in the US. I hope the state government will take an interest in this issue and work towards resolving it.”

He also stated, “Some companies are considering investing in the US to produce steel materials or parts for electric vehicles, but due to US government import regulations, they anticipate difficulties in procuring raw and subsidiary materials, which makes them hesitant to invest. I hope the state government will also pay attention to this issue and take steps to resolve it.”

Katie Hobbs, Governor of Arizona, said, “Through this visit to Korea, I was able to confirm the boundless potential for cooperation with Korean companies, including in the battery and semiconductor industries,” and “I want to make this visit a turning point to create more high-quality jobs and build a dynamic innovation economy through cooperation with Korea.”

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