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| Samsung Electronics Executive Chairman Lee Jae-yong, front row third from right, takes part in the Korea U.S. Business Roundtable with SK Group Chairman Chey Tae-won, front row second from left, and Hyundai Motor Group Executive Chair Chung Euisun, front row right, along with other U.S. and Korea business leaders at the U.S. Chamber of Commerce in Washington, D.C., Tuesday (local time). Yonhap |
By Kim Hyun-bin
Korean and U.S. business leaders agreed to enhance cooperation in the fields of advanced industry, supply chains and core technology cooperation during President Yoon Suk Yeol's visit to the U.S. Chamber of Commerce in Washington, D.C. The two sides held the Korea-U.S. Business Roundtable and the Korea-U.S. Advanced Industry Forum, which was hosted by the Federation of Korean Industries (FKI), Tuesday (local time).
A total of 39 leaders from major Korean companies, including Samsung, SK, Hyundai Motor, LG and Lotte, as well as representatives from key U.S. companies such as Qualcomm, IBM, Microsoft, Boeing, GE and Tesla, attended the business roundtable. They discussed bilateral cooperation in advanced industries, supply chains and core technologies.
The Korean delegation included Samsung Electronics Executive Chairman Lee Jae-yong, SK Group Chairman Chey Tae-won, Hyundai Motor Group Executive Chair Chung Euisun and LG Group Chairman Koo Kwang-mo. President Yoon also attended the session in person.
"The participants discussed efforts to enhance cooperation in advanced industries, global supply chains and critical technologies," the FKI said.
The Korea-U.S. Advanced Industry Forum was also held under the theme of "Expansion of Korea-U.S. Economic Partnership and Challenges for the Next 70 Years," with more than 200 Korean and U.S. businesspeople and government officials in attendance.
President Yoon emphasized the importance of bilateral cooperation in advanced industries.
Kim Byung-joon, acting chairman of the FKI, stressed in an opening speech the need to advance business cooperation into an alliance on advanced technologies, and asked the U.S. to support Korea in becoming a global pivotal state that contributes to shaping the international order.
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| President Yoon Suk Yeol speaks at the U.S.-Korea Business Roundtable attended by senior government officials and business leaders from the two nations, including Federation of Korean Industries acting Chairman Kim Byong-jun, fourth from left, at the U.S. Chamber of Commerce in Washington, D.C., Tuesday (local time). Yonhap |
Google Senior Vice President Hiroshi Lockheimer and U.S. Chamber of Commerce Asia Vice President Charles Freeman also participated in the event, discussing ways to promote Korea-U.S. cooperation in digital and internet technologies.
The event marked the first major business event involving Korean companies in the U.S. since the start of the Yoon administration.
In addition, the chairmen of Samsung Electronics and SK are set to engage in a dialogue with key political and business figures during their visit to the U.S.
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| Hyundai Motor Group Executive Chair Chung Euisun, second from right, speaks with Microsoft President Brad Smith during the U.S.-Korea Business Roundtable at the U.S. Chamber of Commerce in Washington D.C., Tuesday (local time). Yonhap |
Samsung Electronics currently operates two semiconductor factories in Austin, Texas, and is also building a foundry factory in Taylor, Texas, at a cost of $17 billion. Meanwhile, SK hynix plans to invest $15 billion in advanced packaging manufacturing facilities for memory semiconductors. The site for the plant has not yet been selected.
Resolving subsidy issues for the domestic car industry following the implementation of the U.S. Inflation Reduction Act (IRA) is also an urgent task.
On April 17, the U.S. government announced 16 electric vehicle models that will provide subsidies of up to $7,500 according to the IRA. However, EVs of Hyundai Motor and Kia were not included.
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| LG Group Chairman Koo Kwang-mo, left, speaks with Tesla Supply Chain Vice President Khan Budiraj during a Korea-U.S. business roundtable at the U.S. Chamber of Commerce in Washington, DC, Tuesday (local time). Yonhap |
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