Lee Jae-yong: "Time to Strive for 70 Years of Korea-US Joint Prosperity"

by Park Sunmi

Published 26 Apr.2023 09:05(KST)

What Was Discussed at the Korea-US Business Roundtable?

On the 25th (local time), at the Korea-U.S. Business Roundtable held at the U.S. Chamber of Commerce in Washington D.C., major corporate representatives sitting face-to-face expressed a shared recognition that inter-company investment and cooperation play a significant role in the joint prosperity of both countries, and pledged to join forces to continue playing an important role going forward.

[Image source=Yonhap News]

Lee Jae-yong, Chairman of Samsung Electronics, said on site, "Business partners of both countries have closely cooperated on the foundation of a strong Korea-U.S. alliance," adding, "It is time to work together for the joint prosperity of the next 70 years." Chey Tae-won, Chairman of SK Group, expressed the view that cooperation between the two countries helps strengthen economic security. Chairman Chey said, "In an era where technology is security, establishing a stable semiconductor supply chain is important," adding, "SK is investing in advanced wafer fields in Michigan and is also promoting the commercialization of small modular reactors (SMR) by 2030 together with TerraPower. Korean and U.S. companies will play a role as part of an economic security partnership through technological cooperation."

Chung Eui-sun, Chairman of Hyundai Motor Group, emphasized that companies are striving to strengthen cooperation between the two countries, saying, "Through investments in electric vehicle-only factories and battery factories, we are responding to the U.S. government's eco-friendly policies such as expanding electric vehicle adoption, and we are negotiating the supply of hydrogen fuel cell tractors with California and others." Koo Kwang-mo, Chairman of LG Group, stressed, "The U.S. leads industrial trends based on innovative ideas and abundant demand, while Korea is a complementary partner with strengths in materials, components, and manufacturing production technology."

U.S. companies also formed a consensus on the need for continuous investment and cooperation with Korea.

Cristiano Amon, Chairman of Qualcomm, reminded that they have partnerships with Korean companies in advanced technologies such as semiconductors, 5G, and AI, which play a decisive role in future economic growth. He added, "The partnership will play an important role not only in a stable and resilient global supply chain but also in security." Wendell Weeks, Chairman of Corning, said, "Corning has invested over $10 billion in Korea over the past 50 years and created thousands of jobs," and announced, "We will invest an additional $1.5 billion in Korea over the next five years."

Timothy Archer, Chairman of Lam Research, which cooperates with Korean semiconductor companies such as Samsung Electronics and SK Hynix, said, "We have invested $4.5 billion in the Korean semiconductor supply chain so far and established the first R&D center in Asia in Korea," adding, "We will play a major role in Korea, which will build the world's largest semiconductor supply chain by 2030."

Meanwhile, the Korea-U.S. Business Roundtable held that day was attended by 39 representatives, including heads of major Korean companies such as Samsung, SK, Hyundai Motor, LG, and Lotte, as well as major Korea-U.S. companies such as Qualcomm, IBM, Microsoft, Boeing, GE, and Tesla. At this roundtable, where companies representing advanced fields of both countries gathered, cooperation plans for advanced industries, supply chains, and core technologies between Korea and the U.S. based on the participating companies' businesses were discussed.