Gov. Holcomb Caps Off Asia Trip Targeting EV Ecosystem Growth in South Korea

Governor Eric Holcomb and Secretary of Commerce Brad Chambers returned to Indianapolis on Saturday, wrapping up three days in South Korea and concluding a week-long economic development trip to Asia.

In Seoul, the delegation, joined by incoming Purdue University President Mung Chiang, sought to strengthen existing and future opportunities for investment in future-focused industries, including energy and electric vehicles.

“I couldn’t be more pleased with our discussions in Seoul this week, reaffirming the strong economic and cultural partnerships between Indiana and South Korea,” said Gov. Holcomb. “It was a great opportunity to highlight the alternate energy and EV battery ecosystems we are building in the state. I’m confident that the relationships we created and deepened this week will lead to even more innovation, investment and a focus to develop better two-way trade between Indiana and South Korea.”

Last Wednesday, Holcomb, Chambers and the delegation visited Samsung SDI to tour its main electric vehicle (EV) battery production line. They also met with top executives of the company and with Stellantis to celebrate their growth plans in Indiana.

In May, the companies announced a joint venture to invest more than $2.5 billion to build an EV battery plant in Kokomo, creating up to 1,400 jobs in Indiana. Plant construction is scheduled to begin later this year with production expected to launch in the first quarter of 2025.

“Our goals for the growth of Indiana’s economy are ambitious, and South Korea’s industry is right in line with our 5E focus on the energy transition and building an economy of the future,” said Sec. Chambers. “Large-scale investments from companies like Stellantis and Samsung SDI are a testament to Indiana’s strengths and growing global leadership, and I look forward to more good news for Hoosiers following our productive meetings in Seoul.”

In Seoul, the delegation also met with a number of South Korea-based business prospects to highlight the state’s growing energy and electric vehicle manufacturing ecosystem and the competitive advantages of investing in Indiana.

On Thursday, Holcomb highlighted Indiana’s future-focused industries at the American Chamber of Commerce in Korea’s Korean Digital Innovation Forum, and the delegation networked with US, South Korea and global business attendees in life sciences, technology and advanced manufacturing.

And on Friday, the delegation concluded its time in South Korea with a Friends of Indiana Reception hosted by US Ambassador to Korea Philip Goldberg.

The reception celebrated the South Korea-Indiana partnership with government and industry officials; South Korean companies invested in Indiana, including POSCO and Daechang Seat Co.; and Indiana-based companies with facilities in South Korea, such as Cook Medical, Eli Lilly and Zimmer Biomet.

This concludes Holcomb’s Asia economic development trip to Taiwan and South Korea, marking his 12th international economic development trip as governor. He was the first U.S. governor to visit Taiwan since 2019 and is the first Indiana governor to go to Taiwan in 17 years.

The Indiana Economic Development Corporation (IEDC) is charged with growing the State economy, driving economic development, helping businesses launch, grow and locate in the state.

Led by Secretary of Commerce Brad Chambers, @SecChambersIN, and governed by a 15-member board chaired by Governor Eric J. Holcomb, @GovHolcomb, the IEDC manages many initiatives, including performance-based tax credits, workforce training grants, innovation and entrepreneurship resources, public infrastructure assistance, and talent attraction and retention efforts.

For more information about the IEDC, visit iedc.in.gov.