Economic Organizations Jointly Welcome the Korea-US Summit, Expect Strengthened Economic Alliance (Comprehensive)

[Asia Economy Reporter Changhwan Lee] Major domestic economic organizations have unanimously welcomed the results of the Korea-US summit.

The Korea Employers Federation issued a statement on the 23rd, saying, "The business community sincerely welcomes the agreement at this Korea-US summit for both countries to strengthen cooperation as collaborative partners across various fields including security, climate, and economic cooperation."

The Federation especially evaluated, "In a situation where the reorganization of the economic order centered on each country is accelerating due to the COVID-19 pandemic and climate change threats, the agreement by Korea and the US to restore supply chains for semiconductors, batteries, strategic core raw materials, pharmaceuticals, and to strengthen cooperation in emerging technology sectors is a meaningful achievement."

It added, "We hope that this Korea-US summit will serve as an opportunity to further enhance the economic interests of both countries and strengthen the Korea-US alliance, evolving into a more mature partnership that comprehensively shares national interests and values."

The Federation emphasized, "The business community will also make every effort to practice various economic cooperation at the private enterprise level, such as expanding trade and investment between the two countries, so that the outcomes of this summit can lead to tangible results like overcoming the COVID economic crisis."

The Federation of Korean Industries also stated on the same day, "The promises to invest in semiconductors and advanced technology cooperation and to strengthen supply chain cooperation between the two countries are very valuable achievements," and added, "We strongly agree with the direction of the Korea-US alliance advancing beyond security to an economic alliance."

The Federation of Korean Industries stressed, "We will do our best at the economic sector level to realize the agreements made at this Korea-US summit." It also said, "Just as the Korean business community contributed to the bilateral alliance at this summit, we hope the government will actively support economic cooperation to play a role in strengthening the Korea-US alliance."

The Korea International Trade Association also released a commentary, stating, "In the current situation of a global supply chain crisis caused by the recent pandemic, the agreement for close cooperation between the two countries to build supply chains in advanced manufacturing sectors such as semiconductors and electric vehicle batteries is a very valuable achievement," and added, "We expect this to be an opportunity for Korea and the US to become the number one economic cooperation partners leading the Fourth Industrial Revolution and the digital transformation era."

Earlier, on the 21st (local time), President Moon Jae-in held a 171-minute summit with US President Joe Biden and adopted a joint statement that included cooperation on North Korean nuclear issues and other Korean Peninsula matters, as well as collaboration on COVID vaccines and new industry sectors.

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