Anduk Geun, Minister of Industry, "Targeting $35 Billion Investment Attraction This Year... Expecting Korea-US Economic Cooperation"

Attended AmCham Special Meeting on the 29th
Discussed Strengthening Korea-US Economic Cooperation with Chairman James Kim

"This year, we aim to attract 35 billion dollars in foreign direct investment (FDI), actively resolving corporate difficulties and expanding corporate research and development (R&D), maintaining steady communication with companies."

On the 29th, An Deok-geun, Minister of Trade, Industry and Energy, made these remarks while attending a special luncheon meeting hosted by the American Chamber of Commerce in Korea (AMCHAM) at the Four Seasons Hotel Seoul in Jongno-gu, Seoul.

The event was attended by more than 100 domestic and international corporate delegations, including James Kim, Chairman and CEO of AMCHAM, and AMCHAM board members. Minister An and Chairman James Kim engaged in in-depth discussions on ways to strengthen Korea-US economic cooperation.

Anduk Geun, Minister of Trade, Industry and Energy, is speaking at a special luncheon meeting hosted by the American Chamber of Commerce in Korea (AMCHAM) on the 29th at the Four Seasons Hotel Seoul in Jongno-gu, Seoul.
[Photo by Han Yeju]

Minister An stated, "Korea has the widest industrial base in manufacturing worldwide," adding, "The Ministry of Trade, Industry and Energy aims to leverage this broad manufacturing asset base, but enhancing technological capabilities in advanced strategic industries remains a challenge."

He emphasized, "Focusing on advanced industrial complexes such as semiconductor clusters and bio-advanced complexes, we are working on building capabilities to foster technology in collaboration with nearby schools and research institutes, in partnership with the Ministry of Science and ICT and the Ministry of Education. Although Korea is a small country with limited resources, we are working to develop a foundation for growth industries."

He also mentioned, "To attract more overseas investment, we are considering expanding the dedicated R&D budget for foreign-invested companies this year," adding, "Remarkable results are already emerging this year."

Regarding the global geopolitical environment, including the US-China trade conflict, Minister An explained, "Political risks are increasing unexpectedly in many regions, not only conflicts between the US and China but also issues erupting in the Middle East and the Russia-Ukraine situation. What the industry needs most is flexibility, diversification, and how to implement these, so the government is contemplating these matters."

He added, "Since 2003, Korea has been highly dependent on China, but export statistics from January to June this year show that the US has become the top export destination. Korean business has many strengths, but rigidity remains a problem compared to other countries, so we will make the Korean market a place where solutions to overcome this rigidity flexibly can be realized."

Minister Andeok Geun of the Ministry of Trade, Industry and Energy and James Kim, Chairman and CEO of the American Chamber of Commerce in Korea (AMCHAM), are having a conversation on the 29th at the Four Seasons Hotel Seoul in Jongno-gu, Seoul.
[Photo by AMCHAM]

Minister An also stressed the necessity of the E4 visa, a professional employment visa exclusively for Koreans. He said, "This is to facilitate top global professionals for Korean companies doing business in the US," adding, "If the employment visa bill passes, it will greatly help build the Korea-US industrial ecosystem and expand investment."

He concluded, "The US is Korea's most important ally and economic partner, and I hope Korea-US economic cooperation will continue to strengthen. I urge continuous investment and interest in Korea."

Chairman Kim also stated, "We are currently witnessing an unprecedented level of Korea-US economic relations," emphasizing, "In this context, AMCHAM sees this as a golden opportunity for Korea to firmly establish itself as the Asia-Pacific regional headquarters, and we are working closely with the Ministry of Trade, Industry and Energy to achieve these key initiatives."

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