Yoon asks Maryland gov. to support S. Korean businesses against IRA

SEOUL, Sept. 16 (Yonhap) -- President Yoon Suk-yeol met with Maryland Gov. Larry Hogan on Friday and asked for his support for South Korean businesses amid concern of discriminatory treatment under the U.S. Inflation Reduction Act (IRA), his office said.

Yoon met with Hogan and his Korean-born wife, Yumi, at the presidential office and discussed cooperation between South Korea and Maryland, and ways to increase to support for South Korean businesses in the state.

In particular, Yoon asked the governor for his "active support so that our businesses can receive the same benefits, without discrimination," following the enactment of the IRA, his office said in a press release.

The IRA calls for the expansion of tax subsidies for purchases of electric vehicles, but only those assembled in North America, leading to concern it will hurt South Korean carmakers, such as Hyundai Motor Co. and Kia Corp., that make their flagship models at domestic plants and ship them overseas.

Hogan promised to do his best to ensure South Korean businesses are not negatively impacted in the course of legislation of enforcement ordinances under the IRA, saying Korean companies are contributing greatly to creating jobs in the U.S. and to the U.S.' economic development, the presidential office said.

The governor also explained he is visiting South Korea leading a large economic delegation and that he plans to open a trade office in the country.

hague@yna.co.kr
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