39 Leading Figures from Korean and US Economic Sectors Gather... Seeking Leap Forward in Advanced Technology Alliance

Participation of Leading Company Representatives in Advanced Fields Such as Semiconductors, ICT, Aviation, Future Cars, and Bio

Marking 70 years of alliance, the economic sectors of South Korea and the United States gathered to discuss the advancement of cooperation in advanced industries, supply chains, and core technologies between the two countries, coinciding with President Yoon Suk-yeol's first state visit to the U.S. in 12 years.

[Image source=Yonhap News]

The Federation of Korean Industries (FKI) announced on the 25th (local time) that it held the Korea-U.S. Business Roundtable and Korea-U.S. Advanced Industry Forum at the U.S. Chamber of Commerce in Washington D.C.

Invited by President Yoon, the Korea-U.S. Business Roundtable was attended by 39 representatives, including heads of major Korean companies such as Samsung, SK, Hyundai Motor, LG, and Lotte, as well as leading U.S. companies including Qualcomm, IBM, Microsoft, Boeing, GE, and Tesla. At this roundtable, which brought together companies representing the advanced sectors of both countries, discussions focused on cooperation strategies in advanced industries, supply chains, and core technologies based on the participating companies' business activities.

Following the Business Roundtable, the Korea-U.S. Advanced Industry Forum was held under the theme "Expansion of Korea-U.S. Economic Cooperation, Challenges for the Next 70 Years," with over 200 attendees including business leaders and government officials from both countries. President Yoon encouraged the business community in his congratulatory remarks, while Minister of Trade, Industry and Energy Lee Chang-yang and U.S. Secretary of Commerce Gina Raimondo also emphasized the necessity of cooperation in advanced industries between the two nations.

In his greeting, Kim Byung-joon, Acting Chairman of the FKI, highlighted the leap toward an advanced technology alliance as a key challenge for the next 70 years of the Korea-U.S. alliance and proposed that the U.S. support South Korea in becoming a global pivotal state shaping the international order.

The panel discussion, chaired by Octavio Simoes, U.S. Co-Chairman of the Korea-U.S. Business Council, featured panelists including Lee Gu-young, President of Hanwha Solutions, Jo Seok, President of HD Hyundai Electric, and Min Byung-joo, President of the Korea Institute for Advancement of Technology. They discussed ways to deepen Korea-U.S. cooperation in advanced industries. Hanwha Solutions announced this year the largest investment plan in the history of the U.S. solar industry, while HD Hyundai Electric is significantly expanding investments through a shift to local production strategies and broadening cooperation in the eco-friendly energy sector.

From the U.S. side, Hiroshi Lockheimer, Senior Vice President of Google, and Charles Freeman, Vice President for Asia at the U.S. Chamber of Commerce, participated to discuss Korea-U.S. cooperation in digital and internet technology sectors.

This economic delegation, the largest since the current government took office (totaling 122 companies, including 19 large corporations, 85 small and medium-sized enterprises, 14 economic organizations and associations, and 4 public enterprises), with the heads of the five largest conglomerates and six major economic organizations all participating, reportedly engaged in expanding local business, discussing MOU signings, and conducting business activities with U.S. companies during their visit. In addition to official delegation events, the delegation plans to actively conduct private economic diplomacy through separate activities such as meetings with U.S. Senate Foreign Relations Committee Chairman Bob Menendez, Joshua Bolten, Chairman of the Business Roundtable (BRT), a major U.S. corporate economic organization, and a luncheon meeting with the Center for Strategic and International Studies (CSIS), a leading U.S. think tank.

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