Parks visit to set future course of ROK-US biz ties
By Yi Whan-woo
The economic delegation accompanying President Park Geun-hye to the United States from Sunday will engage in a series of meetings with Americans to discuss business opportunities between the two countries.
During the six-day visit, the 51 delegates including the chiefs of five major business lobby organizations such as the Federation of Korean Industries (FKI) will take part in a banquet Tuesday to commemorate the 60th anniversary of the Seoul and Washington alliance. The leaders of Koreas four largest conglomerates including Samsung Group Chairman Lee Kun-hee will also attend a round table meeting of CEOs from the two nations on Wednesday.
Parks U.S. trip will also mark the first anniversary of the Free Trade Agreement with the United States., Koreas second-largest trading partner.
The business leaders will have a chance to enhance collaboration with their U.S. counterparts at the meetings, the FKI said.
The banquet on Tuesday will be preceded by an informal luncheon in Washington between eight delegates and the members of the U.S House of Representatives.
Korea Chamber of Commerce and Industry Chairman Sohn Kyung-shik and Korea International Trade Association Chairman Han Duk-soo will be among the participants. They are expected to engage in talks to spur cross-border investments between the two countries.
The FKI will co-host the roundtable meeting along with the U.S. Chamber of Commerce. FKI Chairman Huh Chang-soo will be there with the heads of the four other lobby groups including Korea Federation of Small and Medium Business Chairman Kim Ki-Mun and Korea Employers Federation Chairman Lee Hee-beom.
The CEOs of the global firms will also join a speech Park will give about her economic policies, that center on creativity, science and technology.
The FKI said the Samsung Group chairman and LG Group Chairman Koo Bon-moo will be present at the roundtable meeting. From the automobile industry, Hyundai Motor Group Chairman Chung Mong-koo and General Motors CEO Daniel Akerson will attend.
Other participants will include Kim Chang-geun who heads SK Groups decision-making Supex Council and POSCO Chairman Chung Joon-yang.
There have been reports that Qualcomm CEO Paul Jacobs and Citi Bank CEO Mike Corbat may represent the U.S. side.
The Korean CEOs are also expected to engage in consultations for their own interests in the U.S. during their stay. Sources from Samsung Group say its chairman will visit a Samsung Electronics microchip plant in Austin, Texas, in which the company recently made a 4-trillion won ($3.65 billion) investment. Lee is also expected to visit the conglomerates U.S office in New Jersey.
Hyundai Motors chairman is also expected to visit Alabama and Georgia where the plants of Hyundai Motor and Kia Motors are located.
Sources said Kim Chang-geun will stop by Houston to visit the office of SK Innovations, an affiliate of the SK Group and one of the worlds largest chemical companies. He then will fly San Jose, Calif. to visit a research center ran by the group.