▲ This photo, provided by South Korea's industry ministry, shows Minister Lee Chang-yang (C) posing for a photo with a visiting U.S. congressional delegation in Seoul on June 30, 2023. (PHOTO NOT FOR SALE) (Yonhap)
▲ This file photo, provided by South Korea's industry ministry, shows Minister Lee Chang-yang (L) shaking hands with U.S. Secretary of Commerce Gina Raimondo ahead of the supply chain and commercial dialogue held in Washington on April 27, 2023. (PHOTO NOT FOR SALE) (Yonhap)

(LEAD) industry chief-US lawmakers

(LEAD) S. Korean industry chief discusses energy security with U.S. lawmakers

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SEOUL, June 30 (Yonhap) -- South Korea's industry chief met with a visiting U.S. congressional delegation Friday and discussed ways to enhance bilateral cooperation on nuclear power generation, natural gas, and the overall industry, the industry ministry said.

The bipartisan delegation involves Energy, Climate, and Grid Security Subcommittee Chair Jeff Duncan and four other members -- Tim Walberg, Debbie Lesko, Randy Weber and Scott Peters -- according to the Ministry of Trade, Industry and Energy.

During the meeting, Minister Lee Chang-yang asked for the U.S. Congress' support for a stronger relationship between the two nations regarding the development of small modular reactors and the broader nuclear power generation field.

How to ensure stable supplies of natural gas was also on the table, the ministry said.

The U.S. is the world's third-largest liquefied natural gas exporters after Australia and Qatar, and South Korea is pushing to diversify gas import channels based in part on a longer-term contract for the U.S. shale gas.

Lee also asked for U.S. congressional support for the two nations' push to strengthen cooperation on supply chains amid global uncertainties, noting that Seoul and Washington have maintained consultations on the IRA, the CHIPS and Science Act and other major industry issues, the ministry said.

The IRA offers tax credits of up to US$7,500 to each buyer of a new electric vehicle assembled in North America and with batteries made of a certain amount of critical minerals produced in the region.

Under the Chips Act, foreign chipmakers can receive subsidies totaling US$52.7 billion and tax incentives for setting up production facilities in the U.S., though the act came with strings attached.

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