Lee calls for US firms to explore investment, biz opportunities in Korea
Summary
President Lee Jae Myung called on a U.S. business council at Cheong Wa Dae on Thursday to explore investment and business opportunities in Korea. He said Korea and the United States are building a future-oriented comprehensive strategic alliance based on security, economic and advanced-technology cooperation. Lee highlighted human resources, technology and defense as promising areas, while business leaders urged regulatory, tax, financial and visa reforms to support investment projects.
Key Facts
- Evan G. Greenberg, chair of the U.S.-Korea Business Council and CEO of Chubb Group, said the United States and Korea are driving global growth in North America and Northeast Asia.
- The U.S.-Korea and Korea-U.S. Business Councils pledged to expand cooperation in semiconductors, artificial intelligence, batteries, energy and shipbuilding.
- Business leaders called for faster regulatory approvals, tax and financial incentives, and visa reforms to facilitate major Korean investment projects in the United States.
- The meeting followed announcements detailing Seoul’s planned $200 billion investment in the United States as part of a broader $350 billion commitment linked to lower U.S. tariffs on Korean goods.
President Lee Jae Myung, right, shakes hands with Evan G. Greenberg, chair of the U.S.-Korea Business Council, before their meeting at Cheong Wa Dae in Seoul, Thursday. Yonhap
President Lee Jae Myung on Thursday called on a U.S. business council to actively explore new investment and business opportunities in Korea for mutually complementary cooperation between the two nations, the presidential office said.
Lee made the remarks during a meeting with Evan G. Greenberg, chair of the U.S.-Korea Business Council (USKBC) and CEO of Chubb Group, at Cheong Wa Dae, according to presidential spokesperson Kang Yu-jung.
"Korea and the United States are developing into a future-oriented comprehensive strategic alliance encompassing the economy and advanced technologies, based on a robust security alliance," Lee said, expressing hope that Korea could also contribute to the development of U.S. industries.
Stressing the need for active investment in both directions for "mutually complementary cooperation," Lee called on the USKBC to "actively explore new investment and business opportunities in Korea so that U.S. companies can expand their investment here alongside Korean companies' investments in the U.S."
Lee also highlighted Korea's focus on investing in human resources and technology, as well as the defense industry as an area with significant potential for bilateral cooperation.
Greenberg said North America and Northeast Asia, particularly the U.S. and Korea, are driving global growth, adding that the two countries' agreement on strategic investment would further strengthen bilateral relations, Cheong Wa Dae said.
The USKBC is a major business advocacy organization under the U.S. Chamber of Commerce that brings together top U.S. companies engaged in economic cooperation with South Korea.
Earlier Thursday, Greenberg attended a plenary meeting of the U.S.-Korea and Korea-U.S. Business Councils, where business leaders called for faster regulatory approvals, tax and financial incentives, and visa reforms to facilitate the implementation of major Korean investment projects in the U.S.
In a joint declaration, they also pledged to expand cooperation in key industries, including semiconductors, artificial intelligence, batteries, energy and shipbuilding.
The meeting came after Seoul and Washington announced details of Seoul's planned $200 billion investment in the U.S., part of a broader $350 billion commitment in exchange for lower U.S. tariffs on Korean goods.
Explore More
- Q.
- Q.
- Q.