During her Soul meetings, Ms. Yellen will continue to push for a Russian oil price cap proposal and discuss efforts to address supply chain bottlenecks through ‘friendshoring’ – or boosting trade ties with trusted economic partners like South Korea, the Treasury said.
In addition to Mr. Yoon, Ms. Yellen will meet the Governor of the Bank of Korea, Rhee Chang-yong, and the Deputy Prime Minister and Minister of Economy and Finance, Choo Kyung-ho.
She will hold separate talks with prominent South Korean women economists and entrepreneurs to discuss how increasing women’s participation in the labor force can boost economic growth, the Treasury said.
She will also visit the facilities of one of South Korea’s largest companies, LG Corp, which recently announced investments in manufacturing batteries for electric vehicles in the United States, the Treasury said.
In a speech after the visit, Ms. Yellen will emphasize the importance of partnerships with allies like South Korea in building more resilient supply chains, mitigating inflationary pressures and reducing costs to US consumers, the Treasury said.
Ms Yellen visited Japan last week before heading to the Indonesian island of Bali to take part in a meeting with finance officials from the group of 20 major economies.