Key facts
- South Korean and U.S. business leaders met in Seoul to discuss bilateral economic ties.
- The seminar highlighted the growing role of two-way investment in the economic partnership.
- AMCHAM and KCCI hosted the annual seminar.
- SK hynix is investing over $4 billion in an advanced packaging fabrication and R&D facility in West Lafayette, Indiana.
- South Korea committed to investing $350 billion in the U.S. under a bilateral trade agreement.
SEOUL, Sept. 30 (Yonhap) -- Officials and business leaders from South Korea and the United States on Wednesday highlighted the growing importance of two-way investment in shaping the next chapter of the bilateral economic partnership.
The remarks were made during an annual seminar hosted by the American Chamber of Commerce in Korea (AMCHAM) and the Korea Chamber of Commerce and Industry (KCCI) in Seoul.
"The U.S.-Korea economic relationship now extends far beyond trade. It is increasingly defined by investment, technology, innovation and supply-chain resilience," said James Kim, Chairman and CEO of AMCHAM. Kim emphasized that supporting South Korean companies as they invest, establish operations and grow successfully in the U.S. is one of AMCHAM's core roles.
U.S. Ambassador to South Korea Michelle Steel also highlighted the strength of the economic partnership and the contributions of domestic companies to the U.S. economy, noting that investment supports jobs, innovation, and growth. She reaffirmed the U.S. Embassy's commitment to helping Korean companies succeed in the U.S.
Kim Jeong-il, executive vice chairman of the KCCI, emphasized that a thorough understanding of the local regulatory and business environment, along with reliable networks, is essential for domestic companies seeking to establish themselves in the U.S. market. "In addition to strong technologies and products, a solid understanding of the local regulatory and business environment is critical," Kim said. "The KCCI will continue to provide the information and networks Korean companies need to identify new opportunities and achieve sustainable growth in the U.S. market."
U.S. Senator Todd Young of Indiana, co-chair of the U.S. Senate Korea Caucus, delivered virtual remarks highlighting the strength of the U.S.-Korea relationship and the growing importance of bilateral economic cooperation. "Our economic relationship continues to thrive through investments, supply chains and manufacturing. Most recently, SK hynix broke ground on a more than US$4 billion advanced packaging fabrication and R&D facility in West Lafayette, providing new opportunities for Purdue University students and Hoosier workers," Young said.
The seminar comes as U.S. President Donald Trump could announce South Korean investment projects in the U.S., including a liquefied natural gas (LNG) project in Alaska, under last year's bilateral trade agreement. Seoul and Washington have been coordinating an announcement on the investment projects under the trade agreement, which committed South Korea to investing $350 billion in the U.S. in return for lower U.S. tariffs on South Korean goods.