Visiting US business representatives underline enhanced bilateral cooperation

By Yi Whan-woo

Visiting U.S. government officials and businesspeople addressed the growing strategic importance of Washington's economic partnership with Seoul, during a forum at the Korea Chamber of Commerce and Industry (KCCI) headquarters in the capital, Thursday.

Co-hosted by the KCCI, the Ministry of Foreign Affairs and the U.S. Department of State, the ROK-US Joint Public-Private Economic Forum was held on the occasion of the visit of a U.S. commerce delegation led by Under Secretary for Economic Growth, Energy and the Environment Jose Fernandez.

It was also taking place amid an intensifying U.S.-China row over trade-related issues, including the restructuring of global supply chains, digital transformations and climate change.

The event was attended by about 40 people, including Fernandez; Charles Freeman, senior vice president for Asia at the U.S. Chamber of Commerce (USCC); and Henrietta Ukwu, senior vice president and chief regulatory officer of vaccine company Novavax.

From the Korean side were Second Vice Foreign Affairs Minister Choi Jong-moon; Kang Seog-gu, KCCI vice president; and Joo Si-bo, chairman of the KCCI's International Trade Committee.

“The importance of cooperation with Korea is increasing in various fields, such as building a trust-based supply chain, digital transformation, and response to climate change that the United States is facing,” Freeman said in a speech. “The USCC and the KCCI will actively participate in discussions to resolve challenges the two countries are facing.”

In a separate speech, Kang noted this was the first time representatives of the chambers of the two allies were attending the forum.

“It is expected that this forum will serve as a platform for ROK-US economic cooperation,” he said, adding the KCCI will continue to actively participate in various projects to strengthen economic cooperation between the U.S. and the relevant organizations.

Joo expressed the view that entrepreneurs play a key role in bilateral economic diplomacy, adding he hoped for people from the two countries to continue to “work together for a market economy, free trade, and fair competition.”

Choi and Fernandez each delivered a welcoming address.

Following the individual speeches of the dignitaries, a panel discussion was held with topics on expanding exchanges of human resources in science, technology, engineering and math as well as women's empowerment in the economic field.

The ROK-US Joint Public-Private Economic Forum has taken place every year since 2017, in accordance with a joint statement made during a summit between the leaders of the two countries in June that year to promote cooperation in economic sectors.

Meanwhile, Under Secretary Fernandez held one-on-one talks with First Vice Industry Minister Park Jin-kyu, Thursdsay.

The topics discussed ranged from enhancing supply chains resiliency to global standards for key industrial sectors.