Jeong Manki, Vice Chairman of the Korean Federation of Machinery Industry, Meets with Arizona Governor: "Challenges in Procuring Korean Raw Materials"

US Advanced Industry Hub for Semiconductors, Electric Vehicles, and Batteries
South Korea Invested a 'Record High' 120 Billion Won in the State Last Year
"Maintain Consistent Economic and Carbon Neutrality Policies," Urged

The Korea International Trade Association (KITA) announced on the 19th that Vice Chairman Jeong Manki met with Katie Hobbs, Governor of Arizona, USA, on the 18th (local time) in Phoenix, the capital of Arizona, to discuss trade and investment cooperation measures.

Vice Chairman Jeong stated, "Korean advanced industry companies investing in the United States are facing difficulties in securing skilled personnel and procuring key raw materials from Korea," and urged, "For attracting Korean corporate investment in the U.S., we ask the U.S. government to consistently maintain economic and carbon neutrality policies from a long-term perspective."

Jung Manki, Vice Chairman of the Korea International Trade Association (right), is seen meeting with Katie Hobbs, Governor of Arizona, USA, on the 18th (local time) in Phoenix, Arizona, discussing Korea-Arizona trade and investment cooperation plans, followed by a commemorative photo.
[Photo by Korea International Trade Association]

Arizona is a hub for advanced industries such as semiconductors, electric vehicles, and batteries. The cumulative investment amount by Korean companies in Arizona is approximately $280 million (about 374 billion KRW). Last year's investment amount was $90 million (about 120 billion KRW), marking an all-time high.

LG Energy Solution's new battery factory establishment is scheduled to be executed in Arizona. KITA stated, "Last year, a major domestic company related to batteries announced plans to establish a new battery factory in Arizona, and it is expected that the entry of domestic small and medium-sized enterprises and mid-sized companies will become more active in the future."

In April, KITA plans to promote various projects to strengthen economic cooperation between Korea and Arizona, including holding investment entry seminars and consultation meetings by U.S. states.

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