'Supply Chain, Advanced Technology, and Investment Attraction' Are Key Words in Korea's Diplomatic Visit to the US... "Cooperation with the US Is Very Important" (Update)

President Yoon Suk-yeol will strengthen the Korea-US relationship into an advanced technology alliance through a state visit to the United States next week. The plan is to expand cooperation beyond military and security alliances to include supply chains, advanced science and technology, and corporate investment attraction.

On the 19th, the Presidential Office identified three key economic diplomacy themes for this state visit to the US: supply chains, advanced science and technology, and attracting investment in advanced enterprises. Choi Sang-mok, Senior Secretary for Economic Affairs, explained regarding advanced industry supply chain cooperation, "Global supply chains are being reorganized around safety and allied countries' advanced technologies," adding, "It is a value alliance, and cooperation on advanced technology supply chains with the US, which is economically closely linked, is very important."

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Regarding cooperation in advanced science and technology, he said, "The US is a scientific and technological powerhouse possessing fundamental technologies. Cooperation with us, who have strengths in manufacturing, will create great synergy," and explained, "We will strengthen cooperation in advanced technology fields such as advanced semiconductors, bio, space, quantum, and AI (artificial intelligence)." He also emphasized, "Expanding exports and attracting investment through sales diplomacy is important. Through economic events, we will lead US advanced companies to invest in Korea and expand exports of our small and medium-sized enterprises."

The previously announced schedule also focuses on the advanced technology alliance. President Yoon will carry out four events in Washington DC, including an investment declaration ceremony and a Korea-US business roundtable. During his visit to Boston, which has a bio cluster, he will engage in discussions with digital and bio scholars at the Massachusetts Institute of Technology (MIT) and deliver a speech at Harvard University.

The accompanying economic delegation will also participate in some of the events. The economic delegation plans to attend the Korea-US advanced industry forum hosted by the Federation of Korean Industries and the US Chamber of Commerce, the White House welcome event, and the Korea-US cluster roundtable hosted by the Ministry of SMEs and Startups to discuss economic and industrial cooperation measures between the two countries. Additionally, they will meet with US government officials and businesspeople to build networks and expand business opportunities.

Furthermore, President Yoon will discuss economic alliance plans in the advanced science and technology industry sector with 30 major CEOs from both Korea and the US. Representatives from Samsung Electronics, SK, Hyundai Motor, LG, Lotte, Hanwha, as well as US companies such as Qualcomm, Boeing, Lockheed Martin, GE, GM, Moderna, and BioNTech will attend. He will also visit NASA’s space center to discuss Korea-US space cooperation. At the Global Video Content Leaders Forum, investment cooperation in the content industry will be discussed, with participation from CJ, Watcha, and US companies Paramount, Sony Pictures, and Walt Disney.

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