Seoul: Industry Minister Kim Jung-kwan will visit the United States from September 1-4 (U.S. time) to attend a Group of 20 (G20) meeting on innovation and a groundbreaking ceremony for the Hyundai-POSCO Louisiana steel plant (HPLS), the ministry announced Tuesday.
According to Yonhap News Agency, Kim's itinerary includes attending the G20 Innovation Ministerial Meeting in North Carolina on September 2. The meeting will focus on strengthening global cooperation in artificial intelligence (AI) innovation, with specific attention to AI intellectual property rights, standards, and supply chains, as detailed by the Ministry of Trade, Industry, and Resources.
On September 3, Kim will engage in a roundtable discussion in Washington, D.C., alongside the Korea Trade-Investment Promotion Agency (KOTRA). The discussion aims to attract foreign direct investment from U.S. companies in sectors such as semiconductors, advanced materials, and offshore wind power to South Korea. Additionally, Kim will gather insights from U.S. companies regarding their investments in South Korea and their perspectives on the country's investment environment.
The subsequent day, Kim will participate in the groundbreaking ceremony for the HPLS. This project is a segment of a US$26 billion investment initiative in the U.S., announced by Hyundai Motor Group last year. Hyundai Steel Co. revealed plans in March last year to invest $5.8 billion in constructing an integrated electric arc furnace-based steel mill in Louisiana, with production anticipated to commence by 2029. South Korean steelmaker POSCO is also involved in the project, aiming to bolster supply chain cooperation in North America.
"This trip is aimed at reaffirming our commitment to supply chain cooperation through investments by Korean companies in the U.S., while attracting investments by U.S. companies in Korea," Kim stated.