The Mitsubishi FR-D720-238-NA is a FR-D700 series drive rated for 23.8 Amp and 7.5 HP on three-phase 200 V input, built to the US/CA/MX Specification. That 23.8 A continuous rating is the number that governs motor sizing — it tells you this drive can handle a 7.5 HP induction motor at 200 V without derating, which is what you'd expect for a standard-duty pump or fan on a 200 V plant bus.
The 23.8 A output at 200 V three-phase sets the motor full-load current limit. For a 7.5 HP motor at 200 V, that's right on the money — no headroom for overload cycling, so if your application has repetitive overloads or a service factor above 1.15, you'd want to step up to the next frame. The US/CA/MX designation means the drive is configured for North American line voltages and has the appropriate agency markings for the region.