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Indiana opens new economic development office in South Korea

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(The Center Square) – Looking to garner more investments from South Korea, the Indiana Economic Development Corp. has announced the opening of an office in Seoul.

The office officially opened at the beginning of the month. It’s the eighth foreign office for the IEDC, and it comes on the heels of the state landing a major economic development project that involves Korean-based Samsung.

State Commerce Secretary Brad Chambers said in a statement the new office shows the state is committed to working with Korean companies and attracting additional opportunities for job growth. Earlier this year, Chambers led a delegation from the state to attend an international battery conference.

He and Indiana Gov. Eric Holcomb also went to Seoul last August, touting the state as an ideal location to invest in energy and electric vehicle projects.

“After visiting with government and industry leaders in Seoul twice over the past year, I’m confident that Indiana and South Korea share similar visions for our futures and that investing in our growing partnership will deliver mutually beneficial results in industry and innovation,” he said.

Fourteen South Korean companies have operations already in the Hoosier State, and six Indiana companies have offices in the world’s 11th largest economy, with a 2021 gross domestic product of $1.81 trillion.

Last month, Samsung and General Motors announced it would build a $3 billion electric vehicle battery plant near South Bend that’s expected to create 1,700 and open in three years.

Last year, Samsung announced a similar partnership with Stellantis to build an EV battery facility in Kokomo. That joint venture plans to invest $2.5 billion in a plant that will create 1,400 jobs.

Jaewon Industrial is also planning to build a chemical recycling facility in Kokomo for lithium-ion battery makers. Soulbrain MI will also build a Kokomo plant that will serve as a supplier to EV facilities.

Besides South Korea, IEDC has offices abroad in China, England, Germany, India, Israel, Italy and Japan.

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