Burgum Leads Trade and Investment Mission to Korea, Signs MOU with Korea Institute of Energy Research

SEOUL, REPUBLIC OF KOREA – Gov. Doug Burgum on Monday led a North Dakota delegation on the first day of a trade and investment mission to South Korea, signing a memorandum of understanding (MOU) between the state of North Dakota and the Korea Institute of Energy Research (KIER) to establish a partnership and promote discussions in energy technology research and development.

With a population of nearly 52 million people in an area slightly over half the size of North Dakota, South Korea – officially the Republic of Korea (ROK) – is the world’s second-largest exporter to North Dakota and 17th-largest export market for North Dakota. The ROK is the eighth-largest export market for the United States and is the world’s sixth-largest exporter to the United States. The ROK’s foreign direct investment in the United States was nearly $75 billion in 2022, an increase of 5.8% from the previous year.

The MOU signed on Oct 14th, highlights energy as a vital factor for both the ROK and North Dakota economic development and stability, with both parties working together to identify common goals and areas of mutual interest. Those areas include information exchange, business opportunity expansion and alliances, and support for technological progress and innovation – including enhancing research capabilities in advanced clean energy technologies such as carbon capture and storage, hydrogen and batteries.

"North Dakota is a leader in energy innovation, and this partnership with Korea will enhance our competitiveness by advancing groundbreaking solutions in hydrogen, carbon capture and clean energy – helping us to continue building an all-of-the-approve energy supply network that combines fossil fuels and renewables," Burgum said.

The signing ceremony at KIER headquarters in Daejeon was attended by Burgum, KIER President Chang-Keun Yi, Vice President Seong Ok Han and Charles Gorecki, CEO of the Energy & Environmental Research Center (EERC) at the University of North Dakota, as well as Commerce Commissioner Josh Teigen and North Dakota Trade Office Executive Director Drew Combs.

“This MOU serves as a stepping stone for the further development of energy technology between Korea and the United States. KIER will continue to expand international joint research in the energy technology field to achieve national carbon neutrality,” Yi said.

North Dakota’s unique geological structure has the potential to store approximately 250 billion tons of carbon dioxide – enough to store all the United States’ CO2 output for the next 50 years. The state aims to achieve carbon neutral status by 2030 through innovation with no new mandates or regulations, and carbon capture is core to meeting that goal. KIER is Korea’s only government-funded research institute, with its own mission of leading their country to carbon neutralization by 2050 through technological innovation and commercialization, including hydrogen, renewables, energy efficiency, and carbon-based clean energy.

KIER was the first stop on the weeklong trade and investment mission to the ROK for Burgum and fellow members of the North Dakota delegation from the North Dakota Department of Commerce, North Dakota Trade Office, EERC and North Dakota companies representing agriculture, energy, manufacturing, aerospace and technology.

One of North Dakota’s largest manufacturers and most recognizable brands, Fargo-based Bobcat Co., is a member of the ROK-based Doosan Group. Burgum plans to meet later this week with Doosan Bobcat CEO and Vice Chairman Scott Park.