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The Indiana Economic Development Corp. has launched an office in South Korea, with the goal of attracting foreign direct investment in the energy, electric vehicle and semiconductor sectors, the state agency announced Tuesday.
“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,” Secretary of Commerce Brad Chambers said in written remarks.
The office officially opened on July 1, the IEDC said.
The news comes less than a month after South Korea-based Samsung SDI chose northwest Indiana for the location of a projected $3 billion electric vehicle battery cell plant, a project with General Motors that is expected to create 1,700 manufacturing jobs. The company is also part of a joint venture with global auto giant Stellantis that is building a $2.5 billion EV battery facility in Kokomo.
Indiana is home to 13 other South Korea-based companies, while the East Asian nation hosts operations of six Indiana-based businesses.
The office will be managed by Narai Kim, who has experience helping companies expand internationally, and Max Kim, whose background is in the manufacturing and energy sector, the IEDC said. The office is the IEDC’s eighth international post.
State officials have traveled to the South Korea twice in the past year. In August, Gov. Eric Holcomb and Chambers traveled to Seoul, and in March, Chambers led a delegation to Seoul to participate in the InterBattery Conference.
The IEDC is coming off a year of record investments in Indiana. 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.
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This is the type of aggressive moves Indiana needs to make if its to stay competitive amongst other states. Theres clearly been a shift in the country as more and more companies are moving to southern states like Tennessee, Georgia, Texas, Florida, South and North Carolina are all seeing HUGE amount of investments and growth as companies are leaving the east coast and California for the south. SO where does that leaves Indiana?
Kevin P.
+ 1
These aggressive measures to bolster our economic development should
have been implemented decades ago. Indiana is way behind the curve.
We are playing catch-up ball that will hopefully evolve into being a leader.
I’ve been watching the States you listed and a couple of other southern states
such as South Carolina just killing it with economic development projects
for decades.
I could be wrong, but it seems we now have some younger aggressive blood
that we’ve needed for a long time.
**.Economic development should be treated as a blood sport. No participation
trophies or pat on the back for an almost.**