Unrivaled Logistics Make Louisiana a Natural Fit for South Korean Companies
Recent investments by South Korean companies Lotte Chemical and Dongsung FineTec – combined with long-term investments by the Korea National Oil Corp. – have made ties between South Korea and Louisiana stronger than ever before.
NOTABLE SOUTH KOREAN INVESTMENT IN LOUISIANA
- Dongsung FineTec – Cryogenic insulation manufacturing facility, $5 million capital investment
- Lotte Chemical – LACC LLC, a joint venture of Lotte Chemical and Axiall Corp., will build a $1.9 billion ethane cracker complex near Axiall’s existing manufacturing plants in Calcasieu Parish. Using a portion of ethylene produced by that plant, Lotte Chemical will produce monoethylene glycol at a $1.1 billion plant constructed beside the ethane cracker.
“Among Korean petrochemical companies, Lotte Chemical is the first to locate a project in the United States; as such, this project represents a significant investment by Lotte Chemical.”
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Soo Young Huh, President and CEO
TRADE BETWEEN SOUTH KOREA AND LOUISIANA
EXPORTS TO SOUTH KOREA
|
| Mineral Fuel, Oil Etc.; Bitumin Subst; Mineral Wax |
$3.8 billion |
| Milling Products; Malt; Starch; Inulin; Wht Gluten |
$412.4 million |
| Organic Chemicals |
$396.6 million |
| Animal, Vegetable Or Microbial Fats And Oils Etc |
$143.7 million |
| Plastics And Articles Thereof |
$35.4 million |
| Miscellaneous Chemical Products |
$29.7 million |
Rubber And Articles Thereof
|
$25.7 million |
| Beverages, Spirits And Vinegar |
$20.1 million |
| Paper & Paperboard & Articles (inc Papr Pulp Artl) |
$6.8 million |
| Copper And Articles Thereof |
$6.7 million |
Total
|
$4.8 billion
|
USATrade 2022
IMPORTS FROM SOUTH KOREA
|
| Vehicles, Except Railway Or Tramway, And Parts Etc |
$403 million |
| Iron And Steel |
$364.9 million |
| Organic Chemicals |
$240.1 million |
| Lead And Articles Thereof |
$109 million |
| Zinc And Articles Thereof |
$72 million |
| Mineral Fuel, Oil Etc.; Bitumin Subst; Mineral Wax |
$43.5 million |
| Nuclear Reactors, Boilers, Machinery Etc.; Parts |
$40 million |
| Plastics And Articles Thereof |
$31.4 million |
| Articles Of Iron Or Steel |
$15.6 million |
| Inorg Chem; Prec & Rare-earth Met & Radioact Compd |
$10.6 million |
Total
|
$1.3 billion
|
USATrade 2022
LOUISIANA REPRESENTATION IN SOUTH KOREA
Louisiana has a local representative, Young Ho Seo, based in Seoul, South Korea. If you would like to reach him, email [email protected] or call T +82 (2) 508.8768.
CULTURAL TIES AND RESOURCES
Honorary Consul William H. Langenstein, III
1100 Poydras Street, Suite 2300
New Orleans, Louisiana 70163
Tel: (504) 585-7000
[email protected]
Louisiana State University (LSU) offers an international exchange program with Korea University, Seoul. LSU has also established a Korean Student Association in order to promote Korean culture around the campus.