President Yoon Suk Yeol met with Evan Greenberg, chair of the U.S.-Korea Business Council (USKBC), on October 15 to discuss trade relations and ways to enhance economic cooperation between the two countries.
The meeting was held to share the results of the 36th Korea-U.S. Business Council meeting, co-hosted by the Korea Economic Association and the USKBC in Seoul, and to discuss the role of the private sector in expanding investment and industrial collaboration. President Yoon urged the USKBC to play an active role in enhancing Korea-U.S. economic cooperation.
Greenberg, who is also the chairman and CEO of Chubb Group, has served as the ninth chair of the USKBC since last year. He is a trade expert who advised on trade policy and negotiations during the Trump administration. His father, Maurice Greenberg, a Korean War veteran, also served as chair of the USKBC from 2003 to 2005.
Foreign Minister Park Jin attended a luncheon at the Korea-U.S. Business Council meeting held at the FKI Tower in Yeouido, Seoul, where he requested U.S. business support for the implementation of the joint fact sheet agreed upon by the leaders of Korea and the U.S.
Park stated, "We will accelerate discussions between Korea and the U.S. to achieve visible results in areas such as shipbuilding and nuclear energy, building on the positive momentum from the fact sheet."
He also met with U.S. Senators Dave McCormick and Marilyn Strickland during their recent visit to Korea to seek congressional interest and support for the implementation of the fact sheet.
U.S. Ambassador to Korea Michelle Steel emphasized at the meeting, "Promises in the Korea-U.S. relationship must be kept," adding that it is time to roll up sleeves and take action to advance the agreements made between President Trump and President Yoon last November.
However, there remains a disparity between Korea and the U.S. regarding the Alaska liquefied natural gas (LNG) project. President Trump claimed on October 14 that the Korean government had agreed to invest $50 billion, while the Korean government maintains that participation in the Alaska LNG project has not been finalized.
The Korea-U.S. Business Council meeting was the first private sector meeting since the two governments announced strategic investment projects on October 1. Business leaders from both countries discussed ways to connect Korea's $350 billion investment plan in the U.S. with specific projects and outcomes.
Ryu Jin, chairman of the Korea Economic Association, stated at the meeting, "The strategic investments agreed upon by the two governments have entered the implementation phase. It is now time for businesses to take the lead, and it is the responsibility of companies to turn the framework for cooperation established by the government into tangible results."
The Korea-U.S. business community discussed cooperation in sectors such as semiconductors, advanced shipbuilding, bio-health, and economic security during the meeting. They urged both governments to create a predictable and market-friendly investment environment and to improve visa systems for expedited approvals and the movement of skilled personnel.
Greenberg noted that Korea's investment plan includes $150 billion allocated to advanced shipbuilding and investments in other strategic industries, emphasizing that the economic relationship between the two countries should be evaluated not only by trade volume but also by the technologies and industries developed and innovated together.
* This article has been translated by AI.
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