Ohio urges investment from Korean semiconductor, battery, auto manufacturers

Industry

Published: 18 Oct. 2022, 16:02

Ohio urges investment from Korean semiconductor, battery, auto manufacturers

J.P. Nauseef, center, president at JobsOhio, and Dana Saucier, left, vice president, talk during a press conference held in central Seoul Tuesday morning. [JOBSOHIO]

Ohio wants more Korean semiconductor, battery and automobile manufacturers to make investments in the state.

“Ohio is the perfect place for Korean companies that want to enter the U.S. market,” said J.P. Nauseef, president of JobsOhio, during a press conference held in central Seoul, Tuesday morning. “We welcome Korean companies to make direct investments in Ohio.”

Nauseef and Dana Saucier, vice president of JobsOhio, are visiting Seoul to have meetings with various Korean companies and attract their investment to the state. Established in 2011 by the Ohio state government, JobsOhio is a non-profit private economic development agency that helps companies that wish to run businesses or make investments in Ohio.

“Ohio has over 100 education facilities, so companies are available to foster talents,” Nauseef said. “We are rich in resources, while the cost of energy is cheap.”

“Most of all, geographically, Ohio has the competitive edge to retail products.”

According to Nauseef, Ohio has the seventh largest economy in the United States and 54 companies out of Fortune 1,000 are headquartered in Ohio. On average, $1.2 billion of investment is poured into the state every year.

Ohio has worked with 11 Korean companies on 15 projects so far, creating a total of 4,200 jobs.

LG Energy Solution recently announced that it will jointly build a $4.4 billion battery plant with Honda in Ohio. The battery maker already built a $2.3 billion battery plant in Ohio with General Motors. It is expected to start mass production in the second half.

“Our message to Korean companies is very simple, Ohio welcomes you,” said Saucier. “We are having talks with various Korean companies, though cannot elaborate on the negotiations at the moment.”

When asked about the recently-passed Inflation Reduction Act (IRA), Nauseef said he will try his best to help Korean companies.

"We are aware of what Korean companies are facing," Nauseef said. "But the IRA Act is not done, the rules are still being written."

“We are trying our best to deliver Ohio state’s point of view.”

BY SARAH CHEA [chea.sarah@joongang.co.kr]