Park Jae-hyuk is a seasoned journalist who has provided comprehensive coverage of South Korea's corporate dynamics, economic policies, industry challenges and the global positioning of Korean companies. Based on the articles he has written since joining The Korea Times in 2016, his investigative approach has helped readers understand corporate governance, economic trends and business strategies shaping South Korea’s economy.
Korea, Canada strengthen business ties during Yoon's visit
Minister of Trade, Industry and Energy Lee Chang-yang, sixth from left, poses with representatives from LG Energy Solution (LGES) and three Canadian companies ― Electra, Avalon and Snow Lake ― after signing memorandums of understanding at CIBC Square in Toronto, Thursday (local time). Courtesy of LGES
By Park Jae-hyuk
LG Energy Solution inks battery materials supply deal with 3 Canadian firms
By Park Jae-hyuk
Korean companies agreed with their Canadian partners to enhance cooperation ahead of President Yoon Suk-yeol's summit with Canadian Prime Minister Justin Trudeau in Ottawa, Friday (local time).
LG Energy Solution (LGES) signed memorandums of understanding (MOUs) in Toronto, Thursday, with three Canadian mineral suppliers ― Electra, Avalon and Snow Lake ― to source core raw materials for electric vehicle (EV) batteries, such as cobalt sulfate and lithium hydroxide.
The Korean EV battery maker said it expects the latest partnerships to enable the company to better cope with the U.S. Inflation Reduction Act (IRA) that will force EV manufacturers to use batteries made with a certain proportion of core minerals sourced from North America or countries that signed free trade agreements with the U.S.
“As we have recently announced our medium to long-term strategy to focus on North America, the fastest-growing EV market, these partnerships serve as a crucial step towards securing a stable supply chain of key raw materials in the region,” LGES CEO Kwon Young-soo said. “By constantly investing in upstream suppliers and establishing strategic partnerships with major suppliers of critical minerals, LGES will continue to ensure the steady delivery of our top-quality products, thereby further advancing the global transition to EVs and ultimately to a sustainable future.”
The state-run Korea Mine Rehabilitation and Mineral Resources Corp. also signed an MOU that day with Natural Resources Canada, the Canadian government's department responsible for natural resources and energy, to share information and technologies.
Minister of Trade, Industry and Energy Lee Chang-yang, who participated in the four MOU signing ceremonies, said the two governments will discuss how their businesses can cooperate to expand investments for the supply of core minerals.
Federation of Korean Industries (FKI) Vice Chairman Kwon Tae-shin, second from left, shakes hands with Business Council of Canada President Goldy Hyder, second from right, during the 19th Canada-Korea Forum in Toronto, Thursday (local time). Courtesy of FKI
Federation of Korean Industries (FKI) Vice Chairman Kwon Tae-shin and Business Council of Canada (BCC) President Goldy Hyder signed an MOU at Thursday's Canada-Korea Forum in Toronto. The two institutions agreed to hold the first Korea-Canada CEO Dialogue event in Seoul next year to strengthen ties between their private sectors.
KT Senior Managing Director Kim Chae-hee, third from left, listens to Vector Institute CEO Garth Gibson, fourth from left, at the institute in Toronto, Thursday (local time). Courtesy of KT
KT, a Korean telecommunication firm, signed a partnership in Toronto, Thursday, with Canadian artificial intelligence (AI) research organization, called the Vector Institute, to seek cooperation in the research and development of AI technologies. Representatives from the two institutions also participated in a meeting between Korean and Canadian AI experts at the University of Toronto, which Yoon also attended to introduce his administration's plan to innovate government organizations.