Indiana and Korea Strengthen Economic Ties

Indiana and Korea Strengthen Economic Ties

A delegation from Indiana concluded its first day in Seoul after a productive series of meetings with global business leaders, industry stakeholders, and government officials aimed at strengthening economic ties between Indiana and South Korea.

Gov. Holcomb and the delegation met with the Republic of Korea Prime Minister Lee Nak-yon to highlight Indiana’s global connectivity and discuss how the state can continue to support South Korean-based companies that have operations in Indiana.

“Already one of our top international trading partners, South Korea offers industry alignment in automotive, advanced manufacturing, pharmaceuticals and other industries, meaning the Indiana-Korea relationship is bursting with potential for increased investment,” said Gov. Holcomb. “It was also an honor for our delegation to visit with Hoosier servicemen and women stationed here. On behalf of 6.7 million Hoosiers I thanked them and their families for their service to our state and nation.”

South Korea is among Indiana’s top 15 trading partners, with pharmaceuticals and medicines, and motor vehicle parts being the top trade categories between the two. Indiana is home to at least 10 South Korean-based business establishments that provide approximately 1,500 Hoosier jobs.

Gov. Holcomb, along with Secretary Schellinger and the delegation, highlighted the many benefits of doing business in Indiana and outlined future investment opportunities during a roundtable hosted by the Korea Chamber of Commerce and Industry. Gov. Holcomb and Secretary Schellinger had the opportunity to share Indiana’s story with business leaders from more than 30 South Korean businesses.

After the business roundtable, Gov. Holcomb and the delegation visited the Joint Security Area (JSA) located within the Korean Demilitarized Zone in Panmunjom. The JSA, which served as the location for peace talks during the Korean War, exists as a neutral place of negotiation between North and South Korean diplomats. The governor and delegation participated in a formal tour of the site and met with U.S. troops.