Ryu Jin (L), chairman of the Federation of Korean Industries (FKI), and Evan Greenberg, chairman of the U.S.-Korea Business Council, shake hands during a reception hosted by the Council on Nov. 20, 2024, in this file photo provided by the FKI. (Image courtesy of Yonhap)
SEOUL, Dec. 11 (Korea Bizwire) — The South Korean and American business communities have urged their governments to ensure the stability of business activities of Korean companies in the United States amid rising economic and political uncertainties ahead of Donald Trump’s second term.
At the 35th Korea-U.S. Business Council and the U.S.-Korea Business Council in Washington D.C. on Tuesday (U.S. time), business leaders from the Federation of Korean Industries (FKI) and the U.S. Chamber of Commerce adopted a joint statement calling for predictable trade and economic policies at a time of leadership transition in Washington.
Emphasizing the importance of the decadeslong ties, they called on the governments of both Seoul and Washington to foster a stable investment environment.
These concerns are driven by the potential renegotiation of the Korea-U.S. Free Trade Agreement, or KORUS FTA, and revisions to legislation like the Inflation Reduction Act and the CHIPS Act.
“Both countries should continue to remove bilateral trade irritants, including discriminatory legislation,” they said in the joint statement, stressing that the KORUS FTA serves as a foundation for further enhancing bilateral economic cooperation.
“Such efforts should not directly disadvantage U.S. and Korean firms at the expense of their competitors,” they demanded.
The business communities also called for stronger investment and supply chain cooperation in key promising sectors of bilateral collaboration, such as the nuclear energy industry, including small modular reactors and shipbuilding.
Their requests included efforts to facilitate bilateral investments to enhance a mutually beneficial supply chain ecosystem for critical technologies in the semiconductor, automotive, transportation, battery and other strategic sectors.
“We believe that acting on these recommendations will drive innovation and growth in both the United States and Korea and allow for continued commercial collaboration between our economies,” the statement concluded.
The FKI said the business communities from the two countries agreed on the need for consistent trade and investment policies at this year’s council meeting.
“We will do our best to minimize the disadvantages for Korean companies and the Korean economy, and maximize opportunities for business cooperation with the U.S.,” an FKI official said.
(Yonhap)
