Michigan governor courts Korean businesses' investments
Michigan Gov. Gretchen Whitmer speaks during the Make it in Michigan Business Luncheon at the Grand InterContinental Seoul Parnas hotel in southern Seoul, Monday. The luncheon was hosted by the Korea International Trade Association (KITA) and participated by Korean companies operating in the state or considering investments. Courtesy of KITA
Michigan Gov. Gretchen Whitmer on Monday called on Korean businesses to invest in advanced technologies in the U.S. state.
She made the call during a business luncheon hosted by the Korea International Trade Association (KITA), where Whitmer, KITA Chairman Yoon Jin-sik and representatives from the Korea-U.S. Economic Council, Samsung SDI, LG Energy Solution, Hansae Mobility and other companies operating or considering investments in Michigan discussed ways to strengthen bilateral cooperation.
The Michigan delegation included Whitmer, Michigan Economic Development Corp. (MEDC) CEO Quentin Messer Jr. and other officials.
“Michigan is ready to work with Korean companies to develop next-generation technologies, backed by our highly skilled workforce, advanced manufacturing capabilities and strong supply chains,” Whitmer was quoted as saying.
“Building on the decades long partnership between Michigan and Korea, we look forward to work with Korean companies to open new opportunities in future industries.”
Whitmer has led efforts to revive Michigan’s auto industry and attract investment in next-generation batteries and clean energy supply chains. Her economic policies have been credited with strengthening the state’s industrial competitiveness.
Korea International Trade Association (KITA) Chairman Yoon Jin-sik during the Make it in Michigan Business Luncheon at the Grand InterContinental Seoul Parnas hotel in southern Seoul, Monday. The luncheon was hosted by KITA and participated by Korean companies operating in the state or considering investments. Courtesy of KITA
Michigan is one of the U.S.' automotive industry hubs, housing the headquarters of General Motors, Ford, Stellantis and other top players. Ninety-six of the top 100 auto suppliers to North America have a presence in Michigan, according to MEDC, making it a region of strategic importance for Korean companies as well.
LG Energy Solution has been running its battery plant in Holland since 2012, which is the first Korean-owned battery plant in the U.S., and launched another battery plant in Lansing last month. So far, the company has invested more than $5 billion in the state.
Samsung SDI entered Michigan in 2015 by acquiring Magna’s battery plant in Auburn Hills. In 2018, the company invested $62 million to establish a technology research center in the same city, which also serves as its North American headquarters. In 2023, Samsung SDI invested another $41 million to double its battery pack production capacity there.
“Michigan has long been the center of the traditional automotive industry and is now emerging as the hub for next-generation mobility, batteries and advanced manufacturing,” Yoon said.
“I hope this meeting will help Korean companies and Michigan build stronger cooperation in supply chain resilience, trade and investment, with Governor Whitmer’s continued interest and support.”