Chief Negotiator for Trade Talks: "Samsung and Others Should Receive the Same Incentives as U.S. Companies When Investing in the U.S."

Press Conference at Government Sejong Complex on the 29th

Investment Incentives for Key Industries Still Unconfirmed in US Congress... Will Monitor with Interest
Well Aware of Industry Concerns over US Demand for Supply Chain Information... Will Actively Consider Government Support if Needed

Japan's Export Restrictions Became an Opportunity to Strengthen Korea's Materials, Parts, and Equipment and Supply Chains
Expect Japan to Take a More Progressive Approach to Economic Cooperation with Korea

Yeohan-gu, Head of the Trade Negotiation Headquarters at the Ministry of Trade, Industry and Energy, is holding a meeting with reporters at the Government Sejong Complex on the 29th.

[Sejong=Asia Economy Reporter Joo Sang-don] Yeo Han-gu, Director General for Trade Negotiations at the Ministry of Trade, Industry and Energy, stated on the 29th, "During my recent visit to the US, I met with the White House, the Office of the United States Trade Representative (USTR), and 14 to 15 key members of the House and Senate. Each time, I emphasized that when investment incentives for key industries are created, Korean companies should be treated the same as American companies."

On the same day, Director General Yeo said at a press briefing held at the Government Complex Sejong, "The core message we strongly conveyed during the US visit (from the 12th to the 23rd) was about investment incentives for Korean companies such as Samsung, SK, and Hyundai Motor in the US."

He continued, "Currently, in the US, the incentive system for semiconductors and other key industries has not yet been finalized by Congress," adding, "We will continue to monitor this closely until the US policy direction is decided."

Regarding the recent US government request for global semiconductor companies to disclose supply chain information, he said, "I understand that the US government has requested such information from demand and supply companies to enhance semiconductor supply chain transparency, and the US government has stated that submitting supporting documents is voluntary for companies. We are well aware of the concerns within our industry, and if government support is needed, we are prepared to actively consider it."

He assessed the recent trade environment as an era of convergence where the boundaries between trade policy, industry, technology, security, and policy are breaking down. Director General Yeo explained, "The existing trade paradigm based on free trade and multilateralism now requires a new trade policy that is a convergence area incorporating supply chain stabilization, securing competitive advantages in new technologies such as artificial intelligence (AI) and 6G, technology hegemony, and geopolitical aspects of national security policy. Additionally, responding to climate change including carbon neutrality and supporting our strategy to become a global vaccine hub in preparation for pandemics such as COVID-19 have now become new areas and challenges of trade."

As a major policy direction to respond to this rapidly changing trade environment, he proposed 'trade that creates national wealth.' Director General Yeo said, "I believe the five key areas of supply chains, technology trade, digital trade, vaccines, and carbon-neutral climate change are fields where trade can actively contribute to the real economy and play a role in creating national wealth. We will organize a task force (TF) within the Trade Negotiations Office to actively support these core areas."

The Korean government is promoting accession to the Digital Economy Partnership Agreement (DEPA) among Singapore, New Zealand, and Chile. Director General Yeo emphasized, "Digital trade is an important agenda that will determine future new trade trends, but common rules have not yet been developed. We see DEPA as a valid example and plan to actively pursue joining the agreement."

Additionally, the Korean government is actively pursuing accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). Director General Yeo explained, "The international community naturally expects Korea, as a representative trade country in the Asia-Pacific, to join the CPTPP someday. Especially, the international community believes that CPTPP could expand further if a country like Korea joins. We have held informal consultations with member countries and are actively considering accession in this context."

Finally, Director General Yeo emphasized the importance of economic cooperation with Japan. He said, "Japan's export restrictions became an opportunity to strengthen our materials, parts, and equipment and supply chains, which I think is a good example of overcoming a crisis as an opportunity. However, our government holds the position that economic cooperation between Korea and Japan is very important and must continue to be stable. We hope Japan will take a progressive stance in the area of economic cooperation as well."

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