Assembly Speaker voices concerns over U.S. Inflation Reduction Act

SEOUL, Sept. 7 (Yonhap) -- National Assembly Speaker Kim Jin-pyo on Wednesday expressed concerns that the U.S. Inflation Reduction Act (IRA) would hurt South Korean automakers, according to Kim's office.

In a meeting in Seoul with Robert Pittenger, the head of the Parliamentary Intelligence-Security Forum (PISF) based in Washington, Kim asked for help in addressing Seoul's concerns over the IRA in U.S. Congress.

The IRA, signed by U.S. President Joe Biden in August, gives tax credits to buyers of EVs assembled only in North America, sparking concerns that carmakers here, such as Hyundai Motor Co. and Kia Corp., will lose ground in the U.S. market as they make EVs at domestic plants for export.

Kim said the IRA may hurt the Seoul-Washington relations and South Korea's investment plan in the U.S., calling for an amendment to the act.

A lawyer aiding Pittenger said the PISF understands South Korea's concerns over the law and is working to resolve the issue.

Kim and Pittenger also discussed hosting a PISF conference in South Korea next year.

Launched in 2014, the PISF holds conferences on international security to boost cooperation between parliaments and governments of different countries.

nyway@yna.co.kr
(END)