In late October, Gov. Jeff Landry traveled to Seoul, South Korea, on the first overseas economic development mission of his administration. He was joined by a group of state economic development officials that included Louisiana Economic Development Secretary Susan Bourgeois.
The stated goal of the trip was to “strengthen relationships with major South Korean companies currently doing business in Louisiana or considering future investments in the state,” though not many details were shared upon the group’s return.
So, was the mission a success?
Bourgeois tells Daily Report that it was. She says the group met with a number of South Korean companies and officials, including with Prime Minister Han Duck-soo. Those conversations were “general in most regards and specific in others,” and where they were specific, they were related to potential projects in Louisiana.
Though Bourgeois declined to comment on the nature of those projects, she says the discussions centered around how South Korean companies can best leverage Louisiana’s areas of expertise.
“There’s an immense alignment between Korea and the way they’re positioning their country for the future and what they believe Louisiana has to offer,” she says.
More specifically, Bourgeois says South Korea views Louisiana as a key partner in providing solutions that align with the country’s commitment to sustainability thanks to the state’s existing prowess in the realms of advanced manufacturing, carbon sequestration and clean energy.
“Korea has made a cultural and political commitment to a cleaner future, and they’re making private, free-market decisions based on where they can go to best accomplish that,” she says. “And Louisiana is very much on their radar.”
South Korea is Louisiana’s 11th-largest export market and fourth-largest import market. In 2023, the combined value of goods exported and imported to and from South Korea totaled $4.55 billion.
Joining Landry and Bourgeois on the trip were LED Chief Business Development Officer Paige Carter; LED Director of Business Development Jacob Ellis; Transoceanic Development CEO Greg Rusovich, who serves as chair of the Louisiana Board of International Commerce; and state Sen. Eddie Lambert, R-Gonzales.
As for whether any future international economic development missions are in the works, Bourgeois says only that an aggressive timeline is in place to establish a strategic plan for LED by February and that such trips are likely to play a role in the state’s economic development efforts in the years to come. For now, though, specific destinations or timelines have yet to be determined.
