Virginia governor visits Hanwha

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Virginia governor visits Hanwha


Hanwha Group Chairman Kim Seung-youn, right, shakes hands with Virginia Gov..Terry McAuliffe after discussing future business opportunities between the company and the state at Hanwha’s headquarters in Jung District, central Seoul, on Wednesday. [HANWHA GROUP]

Virginia Gov. Terry McAuliffe visited the headquarters of Hanwha Group in central Seoul on Wednesday to discuss business opportunities with Chairman Kim Seung-youn, whose company owns automotive materials manufacturer Hanwha Azdel in Virginia.

The Korean conglomerate, which specializes in chemicals, manufacturing and construction, has invested an accumulated $45 million in its Virginia-based subsidiary after acquiring it in 2007. It has been granted roughly $430,000 in incentives from the Virginia state government in the past three years and continues to invest in the region.

Hanwha Azdel is currently supplying car weight reduction materials to three major American automakers - General Motors, Ford and Chrysler.

“Hanwha Group has invested lot in Virginia, and with stronger business cooperation, I hope to continue making good opportunities for mutual growth,” Kim said.

“We appreciate investment from Hanwha and we hope to maintain good support [for the company] going forward,” McAuliffe was quoted as saying by Hanwha.

The two men discussed the possible influence a new Trump administration might have on the free trade agreement between the United States and Korea, especially given the president-elect’s past calls for more protectionism.

Kim also sought advice on possible changes in the United States’ renewable energy policies, since it may impact Hanwha’s overall manufacturing business.

Governor McAuliffe is one of Hillary Clinton’s closest friends and has been supporting the Clintons since 1996, when Bill Clinton ran for reelection as president. In his latest remarks after the most recent election, he said, “This was a difficult election, but the much harder work of building the country and economy our families deserve remains. The sooner we unite and move forward together, the more we can achieve for the Americans who entrusted us to lead.”

McAuliffe’s visit was to attract investment from Korean companies and help those looking to expand business overseas, especially companies in aviation, biology, information technology and cybersecurity sector, Hanwha said.

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