Oh Se-hoon: "Strengthening US-Korea Economic Ties with Yoon Administration Launch... Desirable"

[Source: Korea Society Capture]

[Asia Economy New York=Special Correspondent Joselgina] Seoul Mayor Oh Se-hoon gave a positive assessment that the security and economic ties between South Korea and the United States have been further strengthened since the launch of the Yoon Seok-yeol administration.

The Korea Society, a U.S.-based nonprofit organization promoting friendship, released an interview video with Chairman Tom Byrne and Mayor Oh on the afternoon of the 13th (local time). In this interview recorded earlier this month in Seoul, Mayor Oh stated, "Following the solidifying security between South Korea and the U.S., it is very desirable that economic ties are also strengthening."

Mayor Oh said, "During the previous Moon Jae-in administration, there was some wavering under the pretext of balancing between the U.S. and China, which made many Koreans uncomfortable," adding, "Since the launch of the Yoon Seok-yeol administration, the unwavering progress toward the future was clearly declared through the South Korea-U.S. summit, allowing Koreans to have confidence in security."

In particular, Mayor Oh mentioned the emphasis on the economic sector in the joint statement by President Yoon and U.S. President Joe Biden, adding, "It is a very forward-looking and desirable beginning of the relationship." He explained that it is significant that both sides declared close cooperation in economic and industrial fields, moving away from the past dominance of the nuclear umbrella discourse.

Regarding the role of Seoul City, he responded, "As a local government, there are not many direct roles to play in security or economic cooperation, but from the perspective that Seoul leads South Korea's economy, there will be many things to do together, including semiconductors, bio, and digital sectors."

Mayor Oh pointed out that bio-medical fields are important following semiconductors to enhance South Korea's future industrial competitiveness. He emphasized, "In that sense, South Korea's industrial competitiveness still has a long way to go," and added, "Seoul City plans to take the lead in steadily investing."

Regarding a question about Seoul's financial competitiveness, he explained, "Although South Korea is classified as a manufacturing powerhouse, it is not a financial powerhouse," and said, "For urban development, manufacturing and finance must go hand in hand. We have had the goal of becoming a financial hub for the past 10 years." He mentioned that global companies leaving Hong Kong recently for political reasons are choosing Singapore over Seoul, and said, "Seoul City and the central government need to work together focusing on how to compensate for Seoul's disadvantages compared to Singapore, such as corporate tax rates and English."

In this interview, Mayor Oh emphasized that unlike when he previously served as Seoul mayor, Seoul's international status and presence have grown recently. He stated, "The brand power of Seoul and South Korea is not actually as strong as the power of private companies like Samsung and Hyundai," adding, "Achieving democratization and industrialization in a short time and reaching a position respected internationally is not easy. Now, we must become a country that contributes to the international community."

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