Chairman Heo Chang-soo: "We Will Never Forget the Noble Sacrifice and Dedication of the American People"

70th Anniversary of the Korean War Thank You Letter Sent
"Foundation of South Korea's Economic Development on Freedom"

Huh Chang-soo, Chairman of the Federation of Korean Industries

[Asia Economy Reporter Dongwoo Lee] The Federation of Korean Industries (FKI) announced on the 4th that it has sent a letter of gratitude to the U.S. Congress in honor of the 70th anniversary of the Korean War during the Month of Patriots and Veterans.

In the letter, FKI Chairman Huh Chang-soo stated, "1.79 million young American soldiers came to a country they did not know, shed their blood, and lost their lives to protect the freedom of the Republic of Korea. It was on the precious freedom secured by their sacrifice that Korea was able to lay the foundation for economic development."

Chairman Huh added, "From the perspective of someone who vividly witnessed the scars left by the war, it still feels like a dream that Korea, which had no concept of economy and a per capita income of less than 80 dollars, has transformed into an economic powerhouse joining the 30,000-dollar club. The Korean business community will never forget the noble sacrifice and dedication of the American people," expressing his gratitude.

Chairman Huh also mentioned the economic alliance between the two countries forged by the 70-year Korea-U.S. alliance. Based on 2019 trade figures, Korea is the 6th largest trading partner of the U.S. (while the U.S. is Korea's 2nd largest trading partner), and the trade volume between the two countries, which was only 1 billion dollars in 1970, reached approximately 140 billion dollars last year. Korea's cumulative investment in the U.S., which once received U.S. aid, has surpassed 120.8 billion dollars, exceeding the U.S.'s cumulative investment of 84 billion dollars in Korea.

Chairman Huh explained, "A country that once received U.S. aid has now become a key pillar of U.S. foreign direct investment (FDI). Korean companies such as Samsung, Hyundai Motor, LG, Lotte, and GS are now corporate citizens in the U.S., actively engaging with local communities."

He also expressed gratitude for the specific achievements of the U.S. Congress before and after the Korean War. He pointed out that the 'Defense Production Act,' enacted by the U.S. Congress during the Korean War in 1950, is currently being utilized for nationwide responses to the novel coronavirus disease (COVID-19).

He mentioned the total amount of U.S. aid, which reached 5.5 billion dollars from 1945 to 1999. In 1953, foreign economic aid accounted for about 10% of Korea's national income. Additionally, he expressed appreciation for the 2008 U.S. Congress legislation that granted federal approval to the 'Korean War Veterans Association' in the United States.

Chairman Huh conveyed his determination, saying, "Along with gratitude to the U.S. Congress for honoring the American veterans who shed their blood and sweat on Korean soil, Korean companies will continue to remember the importance of the Korea-U.S. alliance and strive to strengthen economic cooperation between the two countries."