Louisiana Connection South Korea
LOUISIANA CONNECTION SOUTH KOREA
RECENT NEWS In January 2014, Louisiana Gov. Bobby Jindal visited South Korea on an economic development mission to cultivate more foreign direct investment opportunities and increase trade between Louisiana and key Asian markets.
FOREIGN DIRECT INVESTMENT Since 2015 Japan has invested in Louisiana with 2 projects representing a total capital investment of $3.05 billion. During the period, over 460 jobs were created.
In October 2015 Dongsung FineTec which produces industrial insulation products announced the company plans to establish a 5,480 sq. m production facility in Lake Charles, Louisiana. The firm will invest around $5m and create 250 jobs.
In June 2016 . LACC LLC, a joint venture of Lotte Chemical and Axiall Corp., announced they will build a $3 billion chemical manufacturing project in Lake Charles. They will build a $1.9 billion ethane cracker complex near Axiall’s existing manufacturing plants. CONTACT INFORMATION Lotte Chemical will produce monoethylene glycol at a $1.1 billion YOUNG HO SEO plant constructed beside the ethane cracker. Combined, the projects Chief Representative, South Korea will create 215 new direct jobs. [email protected] T +82.0.2.508.8768 Louisiana companies have also established a presence in South M +82.0.10.2364.8766 Korea including 3 direct investments in the South Korea. WILLIAM H. LANGENSTEIN, III TRADE Honorary Consul [email protected] EXPORTS T 504.585.7000 South Korea is Louisiana’s fourth-largest export market in Asia, with $984.9 million in Louisiana exports in 2016. Top Louisiana exports to South Korea include chemical products ($439.2 million), agricultural products ($331.6 million), and food manufacturers ($73.8 million).
IMPORTS Louisiana also imports heavily from South Korea: $849 million worth of goods in 2016, an increase of 63 percent since 2012.Top imports from South Korea include petroleum and coal products ($287.3 million), metal manufacturers ($279.4 million), and Fabricated metal products ($134.2 million).
OPPORTUNITYLOUISIANA.COM LOUISIANA CONNECTION SOUTH KOREA
CASE STUDY In November 2012, Smoothie King announced the corporate headquarters expansion of Smoothie King Franchises Inc., and a commitment by the company to retain its headquarters in the New Orleans area. After the July 2012 purchase of the company by a company created by Wan Kim, with backing from Standard Chartered Private Equity and National Pension service of the Republic of Korea, Smoothie King considered moving out of state, but elected to remain in the New Orleans area after negotiating an incentive package with the state. The expansion created 60 new jobs while retaining 45 jobs, at an average salary of $75,000.
“Smoothie King is a company with well over 20 years of aggressive growth ahead of it, both in the U.S. and globally. We are making a long-term commitment to realize this potential.”
Wan Kim CEO, Smoothie King
SOUTH KOREAN COMPANIES IN LOUISIANA • Dongsung FineTec • LG Electronics North • Naver Corporation (NHN) • Fila Korea America • Netmarble Games • Hankook Tire Worldwide • LINE Corporation • Nexfil • Hyundai Heavy Industries • Lotte Chemical (Honam • Samsung (HHI) Petrochemical) • Samsung Electronics • Hyundai Motor • Lotte Group • Samsung Engineering • Kisan Electronics • Lutronic • LG • N.thing
LOUISIANA COMPANIES WITH FACILITIES IN SOUTH KOREA • Albemarle Corporation • Edgen Group • Edgen Murray Limited
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