Yoon Jin-sik, chairman of the Korea International Trade Association, visited the states of Texas, Tennessee, and Arkansas from 19th to 21st (local time) to conduct on-site support activities targeting state governments.
According to KITA on the 23rd, Korean corporations that have invested in the respective states also accompanied the visit to convey local management challenges and to listen to the state governments' response plans.
During his visit to the U.S., Yoon emphasized the investment achievements and economic contributions of Korean corporations while meeting influential figures in key southern states, a Republican stronghold, and requested the creation of a favorable investment environment for Korean corporations.
On the 19th, Yoon conveyed the concerns of Korean corporations regarding the reduction of subsidies associated with the CHIPS Act during a meeting with Texas Governor Greg Abbott.
Yoon noted, "The biggest uncertainty for corporate activities is unpredictability, and even if new policies are implemented, the promises made by the previous administration must be continuously fulfilled for corporations to actively invest."
Governor Abbott said, "Korean corporations investing in Texas are very important partners, and we will closely monitor what impact President Trump's negative stance on the CHIPS Act may have in the future."
He added, "Since there is also a Texas version of the CHIPS Act in place, we will actively utilize various support policies at the state government level to alleviate the uncertainties that the industry is concerned about."
Earlier, the Texas government established the Texas Semiconductor Innovation Fund (TSIF) in June 2023 to strengthen the semiconductor industry in Texas and enacted the 'Texas State Government Semiconductor Support Act' to fund semiconductor manufacturing, research, and workforce development.
On the 20th and 21st, Yoon held successive meetings with Minister Stuart McWhorter of the Tennessee Department of Economic and Community Development and Minister Hugh McDonald of Arkansas. During the meeting, Yoon emphasized that "the recent tariff actions and issues regarding the reduction and elimination of subsidies triggered by the federal government could significantly reduce the investment incentive for Korean corporations, which have greatly contributed to job creation in the respective states," and said that "state governments need to assert their opinions more actively to the federal government."
In response, Minister Stuart McWhorter said, "The voice of Korean corporations is very important in Tennessee," and added that "since both the governor and senators of Tennessee maintain good relations with President Trump, we will convey the concerns you mentioned to the federal government effectively."
Korean corporations that have entered the local market, including OCI (Texas), LG Electronics, LG CHEM, and Hankook Tire (Tennessee), also accompanied this meeting. They introduced the business status of each company and conveyed requests related to expanding industrial water and power infrastructure, as well as expediting permits.