State Visit to the US Focuses on Economic Keywords: 'Supply Chain, Advanced Science and Technology, Investment Attraction'
122 Economic Delegates Accompany... "Pursuing Dozens of MOU Signings"
Dialogue with Digital and Bio Experts at MIT... Speech at Harvard Also Scheduled
President Yoon Suk-yeol will strengthen the Korea-US relationship into an advanced technology alliance through a state visit to the United States next week. The plan is to expand cooperation beyond military and security alliances to include supply chains, advanced science and technology, and corporate investment attraction. Notably, he will be accompanied by the largest economic delegation since the government’s inception. The focus will be on sales diplomacy, with plans to collaborate with them to expand exports.
Choi Sang-mok, Senior Secretary for Economic Affairs, held a briefing at the Yongsan Presidential Office on the afternoon of the 19th, stating, "A large-scale economic delegation of 122 people, led by the private sector, will accompany the president on this state visit," and added, "Together with the No. 1 salesperson president, we will concretize economic-centered summit diplomacy on site."
According to the Presidential Office, the size of this economic delegation is the largest since the government took office. Senior Secretary Choi elaborated, "Small and medium-sized enterprises (SMEs) and mid-sized companies account for 70% of the total, and the industries represented are diverse, ranging from advanced sectors such as semiconductors, electric vehicles, batteries, bio, robotics, IT, and software to cultural content and defense industries," adding, "This shows that the horizon of Korea-US economic cooperation is broadening."
Key participants in the economic delegation include heads of the four major conglomerates as well as Shin Dong-bin, Chairman of Lotte Group; Kim Dong-kwan, Vice Chairman of Hanwha Group; Heo Tae-soo, Chairman of GS; Jung Ki-sun, President of HD Hyundai; Lee Jae-hyun, Chairman of CJ Group; and Cho Won-tae, Chairman of Hanjin Group. In addition, chairpersons of six major economic organizations, including the Federation of Korean Industries (FKI), Korea Chamber of Commerce and Industry (KCCI), Korea International Trade Association (KITA), Korea Federation of SMEs, Korea Employers Federation, and Korea Association of Mid-sized Enterprises, will also accompany the delegation.
Previously, the FKI formed a selection committee composed of representatives from major economic organizations, public institution officials, and experts to ensure fairness in selecting the economic delegation, conducting two rounds of review. The decision was made by comprehensively considering the business expectations of applicant companies, their trade and investment performance with the US, and the potential for cooperation in key industrial sectors.
Since the theme of this visit to the US is advanced industries, companies in the semiconductor, aerospace, defense, energy, bio, and mobility sectors make up a significant portion of the economic delegation. The ratio of SMEs and mid-sized companies also reaches 70%. The economic delegation plans to attend the Korea-US Advanced Industry Forum hosted by the FKI and the US Chamber of Commerce, the White House welcome event, and the Korea-US Cluster Roundtable hosted by the Ministry of SMEs and Startups to discuss economic and industrial cooperation measures between the two countries. They will also meet with US government officials and businesspeople to build networks and explore opportunities to expand business.
The key economic diplomacy themes of the state visit to the US are aligned with the economy: supply chains, advanced science and technology, and attracting investment in advanced companies. Regarding cooperation in advanced industry supply chains, Senior Secretary Choi explained, "Global supply chains are being reorganized around advanced technology in allied countries with a focus on safety," adding, "It is a value alliance, and cooperation in advanced technology supply chains with the US, which is economically closely linked, is very important."
On cooperation in advanced science and technology, he said, "The US is a scientific and technological powerhouse possessing fundamental technologies. Cooperation with us, who have strengths in manufacturing, will create great synergy," and explained, "We will strengthen cooperation in advanced technology fields such as advanced semiconductors, bio, space, quantum, and AI (artificial intelligence)." He also emphasized, "Expanding exports and attracting investment through sales diplomacy is important. Through economic events, we will attract investment from US advanced companies into Korea and expand exports of our SMEs."
The announced schedule so far is also focused on the advanced technology alliance. President Yoon will carry out four events in Washington DC, including an investment declaration ceremony and a Korea-US business roundtable. During his visit to Boston, home to a bio cluster, he will engage in discussions with digital and bio scholars at the Massachusetts Institute of Technology (MIT) and deliver a speech at Harvard University.
The accompanying economic delegation will also participate in some of the events. The delegation plans to attend the Korea-US Advanced Industry Forum hosted by the FKI and the US Chamber of Commerce, the White House welcome event, and the Korea-US Cluster Roundtable hosted by the Ministry of SMEs and Startups to discuss economic and industrial cooperation measures between the two countries. Additionally, they will meet with US government officials and businesspeople to build networks and explore opportunities to expand business.
Furthermore, President Yoon will discuss economic alliance plans in the advanced science and technology industry sector with 30 major CEOs from both Korea and the US. Representatives from Samsung Electronics, SK, Hyundai Motor, LG, Lotte, and Hanwha, as well as from US companies such as Qualcomm, Boeing, Lockheed Martin, GE, GM, Moderna, and BioNTech, will attend. He will also visit NASA’s space center to discuss Korea-US space cooperation. At the Global Video Content Leaders Forum, investment cooperation in the content industry will be discussed, with participation from CJ, Watcha, and US companies Paramount, Sony Pictures, and Walt Disney.
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