U.S. Treasury’s Yellen to meet South Korea’s Yoon on final leg of Asia trip

U.S. Treasury Secretary Janet Yellen will meet with South Korean President Yoon Suk-yeol and other senior officials in Seoul on Tuesday as she wraps up her first visit as secretary to 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 boosting trade ties with trusted economic partners like South Korea, Treasury said.

In addition to Yoon, Yellen will meet with 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 women economists and entrepreneurs to discuss how increased labor force participation by women can boost economic growth, Treasury said.

She will also tour the facilities of one of South Korea’s largest companies, LG Corp (003550.KS), which has recently announced investments in manufacturing batteries for electric vehicles in the United States, Treasury said.

In a speech after the tour, Yellen will focus on the importance of partnerships with allies like South Korea in building more resilient supply chains, easing inflationary pressures and lowering costs for American consumers, it said.

Yellen visited Japan last week before traveling to the Indonesian island of Bali to participate in a meeting with finance officials from the Group of 20 major economies.