Cho Tae-yeol Meets US Economic Chief: "Korean Companies Should Receive Investment-Appropriate Incentives"

Minister Cho Meets with Brainard, NEC Chairperson

Cho Tae-yeol, Minister of Foreign Affairs, who is visiting the United States, shakes hands with Lael Brainard, Chair of the National Economic Council, at the White House in Washington DC on the 27th (local time) before their meeting. (Photo by Ministry of Foreign Affairs)

Cho Tae-yeol, Minister of Foreign Affairs, who is visiting the United States, met with Lael Brainard, Chair of the National Economic Council (NEC), the economic chief of the U.S. administration, on the 27th (local time) and urged that Korean companies receive benefits commensurate with their investments in the U.S.

The Ministry of Foreign Affairs stated that Minister Cho held a meeting with Chair Brainard at the White House in Washington, D.C. on the same day to discuss economic cooperation measures between the two countries based on the Korea-U.S. alliance and the Korea-U.S. Free Trade Agreement (FTA).

Minister Cho evaluated that thanks to close consultations between the U.S. and Korean governments during the implementation of economic policies such as the CHIPS and Science Act and the Inflation Reduction Act (IRA), mutually beneficial outcomes have been achieved for both countries.

In particular, Minister Cho requested Chair Brainard for special consideration and cooperation at the U.S. administration level so that Korean companies can continue to receive treatment and incentives commensurate with their scale of investment and contribution in the United States.

Chair Brainard responded that Korean companies operating in the U.S. and American companies operating in Korea are greatly contributing to creating a stronger supply chain ecosystem between the two countries and generating quality jobs in the U.S., and expressed a willingness to continue close cooperation.

Taking advantage of his visit to the U.S., Minister Cho met with Thomas Byrne, Chairman of the Korea Society, on the 24th, and had breakfast meetings in Washington on the 27th with former KEI President Kathleen Stephens and incoming President Scott Snyder of the Korea Economic Institute (KEI).

At these meetings, Minister Cho emphasized further solidifying the Korea-U.S. 'Global Comprehensive Strategic Alliance' and deepening bilateral cooperation in all fields including security, economy, and technology.

He also stated that Korea will expand its role and contributions as a global pivotal country contributing to freedom, peace, and prosperity worldwide beyond the Korean Peninsula, and to this end, will strengthen not only the Korea-U.S. alliance and Korea-U.S.-Japan cooperation but also solidarity with the Group of Seven (G7) countries.

Chair Byrne evaluated that Korea-U.S. relations are developing in various areas beyond security, including culture and people-to-people exchanges, and pledged to work to ensure that Korea’s contributions in the international community, including G7 cooperation, are actively recognized.

The Ministry of Foreign Affairs explained, "U.S. experts evaluate that Korea-U.S. relations have developed to the best level ever under the Yoon Suk-yeol administration and expressed trust in our government’s firm commitment to strengthening the Korea-U.S. alliance."

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