U.S. and South Korean business leaders agreed to collaborate to translate the strategic investments announced by their governments on October 1 into tangible results. They called on both governments to provide institutional support, including expedited permits and visa issuance, to ensure the successful implementation of South Korea's $350 billion investment in the U.S., starting with a gas power project in Texas.
The Korea Economic Association and the U.S.-Korea Business Council held the 36th U.S.-Korea Business Meeting on October 15 at the FKI Tower in Yeouido, Seoul. This meeting marked the first gathering of the two countries' business sectors since the announcement of the strategic investment projects. The two nations confirmed the Texas Ensign gas combined cycle power plant as the first major investment project and announced plans to construct eight large nuclear power plants on October 1.
Ryu Jin, chairman of the Korea Economic Association, and Evan Greenberg, chairman of the U.S.-Korea Business Council, opened the meeting together. Government officials in attendance included Kim Jeong-kwan, Minister of Trade, Industry and Energy, and Michelle Steel, U.S. Ambassador to South Korea, along with Foreign Minister Park Jin.
Ryu stated, "The strategic investments agreed upon by our governments have entered a full execution phase. Now it is time for businesses to take the lead. It is up to companies to turn the framework for cooperation established by the government into tangible results."
He added, "From 2016 to last year, South Korea's direct investment in the U.S. reached $206.3 billion, averaging over $20 billion annually. The core of U.S.-South Korea economic cooperation must be a partnership based on trust in industries and technologies, from strategic sectors like energy, shipbuilding, and nuclear power to advanced fields like semiconductors and AI."
In response, Evan Greenberg emphasized that South Korea's commitment to invest in the U.S. would strengthen industrial cooperation between the two countries. He noted, "The $350 billion investment commitment from South Korea includes $150 billion allocated for advanced shipbuilding and significant investments in other strategic industries."
He further stated, "The economic relationship between our two countries should not be evaluated merely by the volume of goods traded across borders, but by what we can create and innovate together. The role of businesses is essential in jointly developing new technologies, strengthening key supply chains, and creating jobs in both countries."
Greenberg, who attended the meeting, succeeded his father, Maurice Greenberg, as chairman of the council, who served as a veteran of the Korean War.
The meeting also discussed topics such as semiconductor cooperation, advanced shipbuilding, bio-healthcare, and economic security. Based on the discussions, the two countries' business sectors will adopt a joint declaration.
The joint declaration is expected to request both governments to establish a predictable and business-friendly environment, expedite permit processing, and resolve visa issues to facilitate personnel exchanges.
* This article has been translated by AI.
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