FKI Congratulates Successful Korea-US Summit

"Committed to Fulfilling Its Role in the Economy"

Huh Chang-soo, Chairman of the Federation of Korean Industries, is attending a meeting with President-elect Yoon Seok-yeol and the heads of six economic organizations at the Presidential Transition Committee in Tongui-dong, Jongno-gu, Seoul, on the 21st, delivering a greeting./Photo by Yoon Dong-ju doso7@

[Asia Economy Reporter Jin-ho Kim] The Federation of Korean Industries (hereinafter FKI) issued a statement on the 21st congratulating the successful holding of the Korea-US summit between President Yoon Suk-yeol and US President Joe Biden. In particular, the FKI evaluated the significance of this summit, which was held the fastest in history after the inauguration of any government, as extraordinary.

The FKI stated, "The promise to expand cooperation in the Indo-Pacific region between the two countries in South Korea, President Biden's first visit to the Asia region, signifies the emphasis on the importance of the Korea-US alliance in the region." It especially welcomed "the elevation of the Korea-US alliance from being limited to the Korean Peninsula to a global alliance encompassing security, economy, and supply chains as a ‘comprehensive strategic alliance’," and emphasized, "Through the elevated Korea-US alliance, we hope to strengthen Korea's leadership in the international community and further enhance the shared values of freedom, democracy, and market economy, which are the joint vision of both countries."

It also expressed strong support for South Korea's decision to participate in the Indo-Pacific Economic Framework (IPEF) during a time of global supply chain disruptions. Through this, it anticipated that the two countries will expand cooperation not only in strengthening stable global supply chains but also in advanced technology collaboration, joint responses to global security, and climate change issues.

The FKI stated, "The business community will also actively participate in efforts for the development and prosperity of the Indo-Pacific region." Since cooperation with the business community is essential for the realization of the agreements made at this Korea-US summit, it pledged to make every effort at the business community level. In particular, the FKI emphasized, "We will strengthen cooperation with the US business community, including the US Chamber of Commerce, through the Korea-US Business Council, a representative channel for Korea-US private economic cooperation."