Economic Sector "Strong Support for the Achievements of the Korea-US Economic and Technology Alliance" [Korea-US Summit]

Welcoming and Strongly Supporting the Korea-US Economic and Technology Alliance

[Image source=Yonhap News]

[Asia Economy Reporter Park Sun-mi] On the 21st, immediately after the Korea-US summit, the business community unanimously welcomed the summit, highlighting the Korea-US economic and technological alliance as a key achievement.

The Korea Chamber of Commerce and Industry (KCCI) stated its strong support for the Korea-US economic security alliance in relation to the summit. In a commentary released right after the summit, KCCI evaluated that "the Korea-US relationship has been elevated from a traditional security alliance to a future-oriented economic security alliance." It added, "Through the Korea-US roundtable, an opportunity was created to strengthen cooperation between Korean and American companies in key sectors such as semiconductors, batteries, and clean energy, as well as supply chains, and a vision was shared to achieve mutually beneficial prosperity in the Indo-Pacific region."

Furthermore, it added, "The Korea Chamber of Commerce and Industry strongly supports the Korea-US economic security alliance and will do its utmost to strengthen Korea-US economic cooperation."

The Federation of Korean Industries (FKI) also sent a congratulatory message on the successful holding of the Korea-US summit, evaluating that "the significance of this summit, held the fastest in history after the inauguration of any government, is exceptional."

The FKI stated, "The promise to expand cooperation in the Indo-Pacific region between the two countries in Korea, President Biden's first visit to Asia, underscores the importance of the Korea-US alliance in the region," and "We actively welcome the elevation of the Korea-US alliance from being limited to the Korean Peninsula to a global alliance encompassing security, economy, and supply chains, a 'comprehensive strategic alliance.'"

It also greatly welcomed Korea's decision to participate in the Indo-Pacific Economic Framework (IPEF) during a time of global supply chain disruptions. The FKI said, "The business community will also actively participate in efforts for the development and prosperity of the Indo-Pacific region," adding, "Since cooperation with the business community is essential for the realization of the agreements made at this Korea-US summit, we will make every effort at the business community level to achieve this."

The Korea Employers Federation (KEF) also commented immediately after the summit, stating, "Through joining the Indo-Pacific Economic Framework (IPEF), the two countries have built a solid partnership and expanded the Korea-US alliance beyond military security to include economic and technological alliances, which is a very meaningful achievement."

It continued, "The business community sincerely welcomes the decision by Korea and the US to expand strategic cooperation not only in supply chains such as semiconductors and batteries but also in advanced technology fields amid the deepening global supply chain crisis and accelerating economic order restructuring." Additionally, it said, "We hope this Korea-US summit will serve as an opportunity to further enhance the economic interests of both countries and advance the Korea-US alliance into a comprehensive strategic alliance," and "The business community will make every effort to implement various economic cooperation at the private sector level, such as expanding trade and investment between the two countries, so that the outcomes of this summit can lead to tangible results like overcoming the economic crisis."

The Korea Federation of SMEs also released a statement, saying, "There are high expectations for the revitalization of economic cooperation between the two countries following this Korea-US summit," and emphasized, "We hope that participation in the IPEF will serve as a catalyst for activating economic exchanges between the two countries and for the growth of our SMEs."