US Treasury Secretary Janet Yellen will meet South Korean President Yoon Suk-yeol and other senior officials in Seoul on Tuesday as she wraps up her first visit as secretary of the Indo-Pacific region, the Treasury Department said.During her meetings in Seoul, Yellen will continue to push for a proposed cap on the price of Russian oil and discuss efforts to address supply chain bottlenecks through “friendshoring” or strengthening trade ties with trusted economic partners such as South Korea, the Treasury said.
In addition to Yoon, Yellen will meet Bank of Korea Governor Rhee Chang-yong and Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho.She will hold separate discussions with leading South Korean female economists and businesswomen to discuss how increased female participation in the labor market can boost economic growth, the finance ministry said.He will also tour the facilities of one of South Korea’s largest companies, LG Corp, which recently announced investments in the production of batteries for electric vehicles in the United States, the Treasury Department said.
In a post-tour speech, Yellen will focus on the importance of partnering with allies like South Korea to build more resilient supply chains, ease inflationary pressures and lower costs for American consumers.Yellen visited Japan last week before traveling to the Indonesian island of Bali to attend a meeting with finance officials from the Group of 20 major economies.
