Indiana has opened a business office in South Korea in hopes of securing international investments for its energy, electric, and semiconductor sectors.
The office opened on July 1, several weeks after Indiana celebrated several new investments expected to bring thousands of manufacturing jobs to the state.
“Indiana’s new Seoul office underscores the importance of the state’s deepening relationships with Korean companies and their increased interest in a dynamic Hoosier workforce and economy,” said Secretary of Commerce Brad Chambers, per AP News.
This is the eighth international office of the Indiana Economic Development Corporation, a public-private partnership that aims to grow the state’s economy and encourage economic development. The organization has offices in China, Japan, the United Kingdom, Italy, Germany, and India.
“The IEDC is coming off a year of record investments in Indiana,” reports the Indianapolis Business Journal. “In 2022, 218 companies committed to investing more than $22 billion for Indiana projects, marking the highest capital investment since the IEDC was established in 2005, according to the agency.”
In April, the IEDC announced South Korean chemical supplier Jaewon Industrial will establish operations in the state with a new chemical recycling plant for lithium-ion battery manufacturers affiliated with the electric vehicle supply chain. The company will invest approximately $102 million to open the plant in Kokomo, which will recycle “chemical waste to electric grade” and support “battery manufacturers’ ESG initiatives.” Operations are expected to begin in 2024.
“Based on the company’s job creation plans, the Indiana Economic Development Corporation (IEDC) committed an investment in JWA of up to $2 million in the form of incentive-based tax credits and up to $500,000 in training grants,” said the IEDC in its announcement. “The IEDC also committed an investment of up to $500,000 in Manufacturing Readiness Grants, which are designed to help companies invest in smart manufacturing and new technologies. These tax credits are performance-based, meaning the company is eligible to claim incentives once Hoosiers are hired.”
The IEDC also announced its involvement in a joint venture between Korea-based Samsung SDI and Michigan-based General Motors to construct a $3 billion electric vehicle battery cell plant in St. Joseph County. The project is expected to create 1,700 manufacturing jobs and will begin operation in 2026.
“Through establishment of a battery joint venture with GM, we are grateful that Samsung SDI can contribute to boosting the economy of Indiana and creating new jobs here,” said Yoonho Choi, the president and CEO of Samsung SDI, in a statement on June 13. “Securing Indiana as a strong foothold together with GM, Samsung SDI will supply products featuring the highest level of safety and quality in a bid to help the U.S. move forward to an era of electric vehicles.”
