MARYLAND GOVERNOR ON INFLATION REDUCTION ACT

[Anchor Lead]

The U.S.' Inflation Reduction Act continues to cause concern for Korean carmakers. However, Maryland Governor Larry Hogan, who is in Korea, has made a hopeful projection that a compromise could be reached after the November midterm election.

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Maryland Governor Larry Hogan, in Korea with a trade delegation, held a press conference with his Korean-born wife by his side. Hogan said the electric vehicle business, which Korea does a great job at, should be encouraged. He added that he understands the negative effects of the IRA on Korea.

[Soundbite] Larry Hogan(Governor of State of Maryland) : "We are aware of the very strong concerns of the people of Korea with respect to how the relationship may be impacted with the US as a result of IRA."

Hogan claimed that the IRA was rushed through the Congress despite objections from several Republicans including himself. He projected that it would be difficult to reverse before the November midterm election. However, he made a hopeful projection of a compromise after the election since many political leaders are seriously looking into the issue.

[Soundbite] Larry Hogan(Governor of State of Maryland) : "As we go about developing the final details of the bill and after the election, I believe some accommodations and maybe some compromise can be worked out."

Hogan also expected increased corporate investments in America by Korean businesses. He claimed that the state of Maryland, strong in the bio and IT industries, can serve as a gateway to North America. Hogan's Korean-born wife, Yumi Hogan, thanked Korea for providing COVID-19 test kits in 2020 and promised to bridge the two nations.

[Soundbite] Yumi Hogan(Maryland Governor’s wife) : "Just as Korea plants trees on Arbor Day on April 5th, I suggested my husband plant Taekwondo and designated Taekwondo Day."

Hogan's term ends in January 2023 after which he is expected to run for the 2024 presidential poll as a Republican candidate.