South Korea’s Foreign Minister Cho Tae-yul on Friday called for Michigan Gov. Gretchen Whitmer’s interest and support for Korean companies operating in the U.S. state, his office said.

During a breakfast meeting with Whitmer, Cho said South Korea and the United States benefit mutually from the U.S. Inflation Reduction Act (IRA).

The IRA gives up to US$7,500 in tax credits to electric vehicle (EV) buyers whose vehicles were assembled in North America, and made with minerals mined and processed in the U.S. or countries or regions that have free trade agreements with Washington.

Cho also said he was pleased to see close economic cooperation between South Korea and Michigan, one of the key investment destinations of South Korean companies.

Whitmer expressed her hopes for boosted economic partnership between Michigan and South Korea, especially in the fields of supply chains and EV batteries.

South Korean EV battery maker LG Energy Solution Ltd. has been operating its own battery production facility in Michi
gan since 2012, while Ultium Cells LLC, a joint venture between LG Energy Solutions and U.S. auto giant General Motors, is set to complete another plant in Michigan by 2025.

Source: Yonhap News Agency