FKI to Dispatch Economic Delegation Next Month Ahead of Yoon's Visit to the US

Hosting Korea-US Business Executives Meeting

The Federation of Korean Industries (FKI) will dispatch an economic delegation to the United States as representatives of economic organizations during President Yoon Suk-yeol's state visit to the U.S. scheduled for the end of next month.

[Image source=Yonhap News]

On the 29th, the FKI announced on its website the '2023 U.S. Economic Delegation Recruitment Notice' and is currently accepting applications from participating companies. They have also sent official application letters to member companies. The delegation will be sent to Washington D.C. from the 24th to the 28th of next month to strengthen Korea-U.S. private economic cooperation on the occasion of the 70th anniversary of the Korea-U.S. alliance. Applications will close on the 3rd of next month.

The main planned events for the U.S. economic delegation include the Korea-U.S. Advanced Industry Business Forum and signing ceremonies for achievements (MOUs) in the advanced industry and energy sectors. The Korea-U.S. Advanced Industry Business Forum is co-hosted by the FKI and the U.S. Chamber of Commerce. Businesspeople and government officials from both Korea and the U.S. will attend to discuss strengthening cooperation in advanced industries and new growth sectors, as well as building business networking.

Under the FKI's organization, there will also be MOU signing events for cooperation between companies (B2B) and between companies and governments (B2G) in the advanced industry and energy sectors. Near Washington D.C., a Korea-U.S. cluster roundtable event will also be held. This event is hosted by the Small and Medium Business Technology Information Promotion Agency and the Korea Startup Promotion Agency, with participation from tech-sector ventures, startups, and venture capital firms.

This is the first time in seven years since 2016 that the FKI is organizing an economic delegation related to the president's visit to the U.S. In 2017, during the previous administration, the Korea Chamber of Commerce and Industry organized the economic delegation.

The key focus of this U.S. economic delegation dispatch is expected to be whether the four major conglomerates will participate.

On the 17th, coinciding with President Yoon's visit to Japan, the FKI co-hosted the Korea-Japan Business Roundtable (BRT) event with the Japan Business Federation (Keidanren) and succeeded in gathering the heads of the four major conglomerates who had not rejoined after withdrawing from the FKI. At that Korea-Japan BRT, the top five business leaders in Korea’s economic hierarchy attended alongside President Yoon: Lee Jae-yong, Chairman of Samsung Electronics; Chey Tae-won, Chairman of SK Group; Chung Eui-sun, Chairman of Hyundai Motor Group; Koo Kwang-mo, Chairman of LG Group; and Shin Dong-bin, Chairman of Lotte Group.