April 27, 2023 – Today, Yoon Suk Yeol, President of the Republic of Korea, completed a state visit to Washington, D.C. to mark the 70th anniversary of the signing of the U.S.-R.O.K. Mutual Defense Treaty. This week, Hyundai Motor Group and SK On, a leading Korean battery producer, announced plans to build an electric vehicle battery plant in Bartow County, Georgia.
From SAFE Founder & CEO Robbie Diamond:
“President Yoon’s state visit underscores the Republic of Korea’s strategic importance not just as a military ally and trading partner, but as a global industrial power that will be crucial to ending the free world’s overreliance on China for EV battery components and critical minerals. President Biden’s statement today about a shared commitment to securing supply chains was welcome, as was the recent news that major Korean automobile and battery companies will invest billions to establish production within the U.S. As a manufacturing powerhouse that is also a Free Trade Agreement nation Korea is uniquely poised to benefit from the sourcing provisions of the Inflation Reduction Act, as will other key allies and partners.”