1. In commemoration of the 70^th anniversary of the Korea-U.S. alliance, the Ministry of Foreign Affairs, along with the U.S. Department of State, hosted the 7^th ROK-U.S. Joint Public-Private Economic Forum under the theme “Forging the Future Together: ROK-U.S. Economic Security and Technology Partnership” in Seoul on December 7, with experts from various sectors of both countries, including companies, think-tanks, and economic organizations participating as speakers.

2. Deputy Minister for Economic Affairs of the Ministry of Foreign Affairs Kang Jae-kwon delivered opening remarks, in which he stated that the relations between Korea and the U.S., which mark the 70^th anniversary of their alliance, are closer and more dynamic than ever before, and assessed that the two countries, based on shared values and close economic ties, are best partners for each other.

3. Deputy Minister Kang particularly stated that economic exchanges between the two countries have grown in a mutually beneficial way based on the Korea-U.S. Free Trade Agreement (FTA), and that the recent expansion of two-way investments in high-tech sectors is reinforcing the future growth potential of both countries.

4. In addition, Deputy Minister Kang emphasized that the industries that the Forum is focusing on, including semiconductors, batteries, and electric vehicles, are driving forces of both countries' economies and essential for national security as well as digital and green transitions. He added that the two countries will continue working together for shared economic security and prosperity amid global supply chain restructuring and disruptions, and technological innovations.

5. Subsequently, U.S. Under Secretary of State for Economic Growth, Energy, and the Environment Jose W. Fernandez delivered congratulatory remarks, in which he explained that in addition to investments into the U.S. by Korean companies in crucial sectors, the investments into Korea announced by U.S. companies worth billions of dollars are driving innovation and strengthening supply chains in critical industries, while creating over 70,000 new jobs in both countries.

6. Under Secretary Fernandez stated that the economic partnership between Korea and the U.S. is making active progress at various platforms, including the Indo-Pacific Economic Framework for Prosperity (IPEF), the Asia-Pacific Economic Cooperation (APEC), and the Minerals Security Partnership (MSP), and stressed that in driving the growth that will further strengthen the Asia-Pacific region, workers and entrepreneurs from both countries are ready to work, to invest, and to innovate together.

7. The Forum, which consisted of two sessions -- “Unlocking Opportunities: Strengthening ROK-U.S. Economic Ties,” and “A Roadmap for the Future: Bolstering a Mutually Beneficial Supply Chain Ecosystem” -- was attended in person by around 100 people, including government officials, academic experts, businesspeople, and the press from both countries, as well as the diplomatic corps in Korea, who showed keen interest in the speakers’ on-the-ground depictions of the current status of Korea-U.S. economic cooperation. Panelists recognized the importance of cooperation between Korea and the U.S., especially through active communication and collaboration between the public and private sectors, in responding to various global challenges, and expressed hope for the continued development of the mutually beneficial Korea-U.S. FTA to adapt to new environments and contemporary needs. Moreover, the private sector speakers emphasized that predictability is particularly important in business operations and adapting to policy changes requires time, and asked both governments to give due consideration to such aspects when pursuing policies. This year’s Forum is regarded to have contributed towards deepening the Korea-U.S. economic security and technology partnership by providing an opportunity for the two sides to exchange diverse views on a range of topics, including trade and investment, people-to-people exchange, technology, and supply chains.