INDIANAPOLIS, March 04, 2024 (GLOBE NEWSWIRE) — Indiana Secretary of Commerce David Rosenberg will lead an economic development trip to the Republic of South Korea this week, fostering the growing ties between the two regions and working to advance innovation and investment in critical future-focused sectors, including automotive manufacturing and electric vehicles, energy generation and storage, and technology.
“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,” said Sec. Rosenberg. “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.”
Sec. Rosenberg and representatives of the Indiana Economic Development Corporation (IEDC) departed Indianapolis on Sunday, March 3, and will return on Friday, March 8, marking the fourth state-led trip to South Korea in the last five years. The delegation will also be joined by the business development team from the IEDC’s Seoul office, which opened in July 2023.
In Seoul, the delegation will showcase the state’s burgeoning electric vehicle industry at InterBattery 2024, Korea’s leading battery exhibition that is expected to draw an estimated 75,000 attendees and 500 businesses focused on batteries, automotive, electronics and equipment, new materials, energy, petrochemicals and semiconductors. For the second year in a row, Indiana was invited by the U.S. Embassy in Seoul to be part of the conference’s U.S. pavilion, reaffirming the state’s growing leadership in the industry.
At the conference, Sec. Rosenberg and the IEDC’s Korean office team will give remarks to event attendees, highlighting Indiana’s battery industry and pitching the state as a leading destination for new investment. The delegation will also meet with business prospects to advance negotiations and with executives of South Korea-based companies investing in Indiana, including soulbrain MI and Jaewon Industrial, which are both establishing new operations in Kokomo to serve lithium-ion battery manufacturers and the state’s growing EV supply chain.
In addition to the conference, Sec. Rosenberg will meet with leadership of the U.S. Embassy in Seoul to discuss opportunities to foster the Indiana-South Korea relationship and will visit Samsung SDI – the state’s largest South Korean investor – to thank the company for its commitment to Indiana innovation, manufacturing and job creation. 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 more than 1,050 foreign-owned business establishments, representing more than 40 countries and territories, including 14 from South Korea – a number that continues to grow. 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 new Hoosier jobs.
About IEDC
The Indiana Economic Development Corporation (IEDC) is charged with growing the State economy, driving economic development, helping businesses launch, grow and locate in the state. Governed by a 14-member board chaired by Governor Eric J. Holcomb, the IEDC manages many initiatives, including performance-based tax credits, workforce training grants, innovation and entrepreneurship resources, public infrastructure assistance, and talent attraction and retention efforts. For more information about the IEDC, visit iedc.in.gov.
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