Chief Negotiator Urges US Foreign-Invested Companies to Contribute to Stabilizing Supply Chains Including Vaccines

[Sejong=Asia Economy Reporter Kwon Haeyoung] Yeo Han-gu, head of the Trade Negotiations Department at the Ministry of Trade, Industry and Energy, requested on the 10th that American foreign-invested companies contribute to stabilizing the supply chains of materials, parts, and equipment (SoBuJang) and vaccines.

Yeo made this statement during his first meeting since taking office with American foreign-invested companies including AmCham Korea, Qualcomm Korea, 3M Korea, and Pfizer Korea, held at the AmCham meeting room in Yeouido, Seoul.

At the meeting, the government asked foreign-invested companies to actively contribute to strengthening the supply chain of core SoBuJang and establishing a global vaccine hub as follow-up measures to the outcomes of the Korea-US summit held in May. They also requested active cooperation from foreign-invested companies regarding the 'national wealth creation-type trade policy,' which seeks synergy by integrating trade, industry, energy, technology, trade, and investment.

Yeo stated, "Despite COVID-19, foreign direct investment in Korea in the first half of this year achieved an unprecedented second-highest record. In particular, US investment in Korea recorded a positive development, increasing by 20.3% year-on-year to $2.11 billion (approximately 2.5 trillion KRW)." He added, "The government has been working to create a stable investment environment by improving regulations and supporting businesspeople's entry and exit related to COVID-19, and will continue policy efforts such as strengthening support for advanced technologies."

He added, "We will form a 'Foreign Investment Advisor Group' involving the Korean Chamber of Commerce, foreign-invested companies, and others to actively communicate with various foreign investors."

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