Jung In-kyo, Head of Trade Headquarters, "Urges US Government and Congress to Address IRA Difficulties"

Visit to Washington D.C., USA from the 12th to the 15th

Jung In-kyo, Head of the Trade Negotiation Headquarters at the Ministry of Trade, Industry and Energy, met with U.S. administration and congressional officials to request active support for Korean companies investing in the United States.

The Ministry of Trade, Industry and Energy announced on the 16th that Head Jung visited Washington D.C. from the 12th to the 15th and held meetings with Dalip Singh, Deputy Assistant to the President for National Security Council (NSC) at the White House, Don Graves, Deputy Secretary of Commerce, Katherine Tai, U.S. Trade Representative (USTR), Kay Ivey, Governor of Alabama, Democratic and Republican members of both the House and Senate, major think tanks, law firms, and companies.

Through meetings with the U.S. administration, governors, and Congress, Head Jung urged the U.S. government to maintain continuous attention and active support to resolve difficulties faced by Korean companies investing in the U.S., including subsidies under the CHIPS Act, detailed regulations of the Inflation Reduction Act (IRA) FEOC, and visa issuance. He also emphasized that investments by Korean companies in semiconductors, batteries, and electric vehicles have contributed to advanced industry cooperation and supply chain strengthening between Korea and the U.S.

The U.S. side clearly recognized that large-scale investments by Korean companies significantly contribute to the U.S. economy and emphasized that Korea is a key ally of the United States, expressing their commitment to ensuring smooth investment by Korean companies.

Jung In-kyo, Director General for Trade Negotiations at the Ministry of Trade, Industry and Energy (left), attended the 7th Korea-US FTA Joint Committee held at the White House in Washington D.C., USA, on the 15th (local time). The meeting was attended by representatives from both the Korean and US governments, including Katherine Tai, USTR Representative. After delivering a greeting, they discussed the implementation results and future plans of the FTA, and held a signing ceremony for the revision of textile rules of origin.

Additionally, through the Korea-U.S. Free Trade Agreement (FTA) Joint Committee held for the first time in three years, they reviewed the implementation achievements of the FTA and discussed future plans. In particular, they completed the revision of the rules of origin for textile raw materials (cuprammonium rayon yarn), which had experienced regional supply shortages.

Furthermore, Head Jung met with key opinion leaders in the U.S., including senior officials from major think tanks such as the Center for Strategic and International Studies (CSIS), the Council on Foreign Relations (CFR), the Heritage Foundation, and law firms to review trends and prospects of U.S. trade policy. He requested cooperation to spread a friendly atmosphere emphasizing the importance of the Korea-U.S. economic and security alliance even amid policy uncertainties.

Alongside this, he also met with key figures from major U.S. companies such as Thermo Fisher and Chevron to promote investment attraction in national strategic technology sectors including bio and hydrogen.

Head Jung stated, "For our companies’ investments in the U.S. to be treated fairly and for our interests and understanding to be reflected in the formation and implementation of U.S. policies, it is important to build friendly relationships with various figures in the U.S. political and social circles. This year, it is necessary to fully mobilize public and private capabilities to expand outreach comprehensively within the U.S."