Korean, US biz leaders call for support to accelerate Korean investment projects in US
From left, Cho Won-tae, chairman of Hanjin Group; Korean Industry Minister Kim Jung-kwan; Ryu Jin, chief of the Federation of Korean Industries (FKI); Evan Greenberg, chairman of the U.S.-South Korea Economic Council; and U.S. Ambassador to South Korea Michelle Steel pose before the 36th plenary meeting of the council at the FKI headquarters in Seoul, Thursday. Yonhap
Korean and U.S. business leaders on Thursday called for faster regulatory approvals, tax and financial support, and visa reforms to ensure the successful implementation of major Korean investment projects in the United States.
The call came in a joint declaration issued at a plenary meeting of the U.S.-Korea and Korea-U.S. Business Council, hosted by the Federation of Korean Industries (FKI), and attended by about 60 political and business leaders and experts from the two countries.
Earlier this month, U.S. President Donald Trump announced details of Seoul's planned $200 billion investment in the U.S., part of a broader $350 billion commitment agreed to by the two countries last year in exchange for lower U.S. tariffs on Korean goods.
In the joint declaration, the business circles called for measures to reduce trade uncertainty and reform regulations, urging the two governments to introduce fast-track approval procedures and provide tax and financial incentives for companies participating in strategic investment projects.
They also called for improvements to visa systems and the establishment of programs to facilitate the exchange of skilled workers, as well as business travel and other cross-border exchanges between the two countries.
The business leaders pledged to expand cooperation in key industries, including semiconductors, artificial intelligence (AI), batteries, mobility, energy and shipbuilding.
They also urged the two governments to support infrastructure development needed for the AI era and strengthen supply chain resilience.
In the pharmaceutical and biotechnology sectors, the business leaders called for expanded cooperation in joint research and development (R&D) and supply chains.
"Strategic investments agreed upon by the two governments have now entered the implementation stage. It is now the companies' turn," Ryu Jin, chairman of the FKI, said in his opening remarks.
Ryu emphasized that businesses would play a central role in translating the framework for bilateral cooperation established by the governments into tangible results.
Evan Greenberg, chairman of the U.S.-Korea Business Council, reaffirmed the two countries' economic ties and called for closer public-private cooperation to create a predictable investment environment and expand bilateral business cooperation.
Korean participants included Ryu, Industry Minister Kim Jung-kwan and Foreign Minister Cho Hyun.
U.S. participants included Greenberg, U.S. Ambassador to South Korea Michelle Steel and former U.S. House Speaker Kevin McCarthy.