Huh Chang-soo, Former FKI Chairman, Congratulates President Biden on Inauguration... "Please Work to Restore Unilateral Trade Measures"

Huh Chang-soo, Chairman of the Federation of Korean Industries, is giving a greeting speech at the presentation ceremony of a plaque of appreciation for the late Cho Yang-ho, Chairman of Hanjin Group, during the 32nd Korea-US Business Council General Meeting held at the Federation of Korean Industries building in Yeongdeungpo-gu, Seoul on the 18th. Photo by Kim Hyun-min kimhyun81@

[Asia Economy Reporter Dongwoo Lee] Huh Chang-soo, Chairman of the Federation of Korean Industries (FKI), sent a congratulatory letter to Joe Biden, the 46th President of the United States, who took office on the 20th, requesting efforts to strengthen the Korea-US alliance and expand economic cooperation between the two countries.

In the letter, Chairman Huh stated, "President Biden's inauguration marks the beginning of a new day not only for the American people but also for global citizens," evaluating that President Biden's rebuilding of the international cooperative order has created a turning point for the international community to jointly overcome the global crisis of the novel coronavirus disease (COVID-19).

Regarding the Korea-US alliance, Chairman Huh conveyed that Korea is a country that became a cradle of economic development and democracy after World War II and the Korean War, calling it a "milestone that demonstrated the value of the alliance." He also recalled that President Biden has valued the alliance since his time as chairman of the Senate Foreign Relations Committee during the W. Bush administration and as Vice President under the Obama administration, emphasizing his expectation that the Korea-US alliance will leap to a higher level with this presidential inauguration.

Chairman Huh requested, "Please improve the systems that hinder the free investment activities of over 1,200 Korea-US companies, which are the source of job creation, economic cooperation, and future innovation between the two countries." Additionally, he asked for the restoration of the free trade and multilateralism order, which has been damaged over the past few years, and the recovery of the principle of mutually beneficial economic exchanges faithful to market economy principles.

Finally, he said, "To realize the Indo-Pacific vision that drives global economic development, the Korean business community, a key player in the global value chain (GVC), will also play a pivotal role as a partner in expanding free trade, regional economic revival, and supporting the economic development of emerging countries," adding, "As Korea's leading economic organization operating the highest-level private economic cooperation channel between Korea and the US, we will continue to do our best to expand economic cooperation and promote friendship between the two countries."

Earlier, as his first move this year, Chairman Huh sent letters to four Korean-American members of the 117th US Congress, urging them to play an active role in amending Section 232 of the Trade Expansion Act and strengthening economic relations with Korea. He has also been conducting private diplomacy by continuously advocating for Korea's exclusion from Section 232 of the Trade Expansion Act to US congressional leadership, political circles, and business sectors, utilizing FKI's network with the US and its overseas recognition.

Kim Bong-man, Director of the International Cooperation Office, said, "This letter signifies the starting point for establishing a progressive Korea-US economic relationship with the new administration, along with the Korean business community's congratulatory message on President Biden's inauguration," adding, "With the launch of the new US administration this year, FKI will focus on understanding the Biden administration's trade policy direction, devising mutually beneficial economic cooperation strategies, conveying Korea's trade issues to US opinion leaders, enhancing mutual understanding, and strengthening networks with Washington."

This content was produced with the assistance of AI translation services.