열린장관실

‘The Future of ROK-U.S. Economic Partnership’

Keynote Remarks , November 28, 2023

Thank you Chairman James Kim,

Ambassador Philip Goldberg,

Members of the AMCHAM,

Distinguished Guests,

I am truly honored to be

at this special luncheon today

as we commemorate the 70th anniversary

of the Korea-U.S. alliance.

This event marks

the culmination of a year

filled with remarkable

progress and achievements.

My sincere appreciation

goes to AMCHAM,

an organization that mirrors

the longevity and success

of the ROK-U.S. Alliance.

My friendship with James goes back many years,

especially when I served as the Chairman of the Korea-America Association.

During my tenure of the chairmanship,

I had the privilege to forge

a close partnership

with AMCHAM.

I also wish to say that

I greatly value the special bonds

I share with Ambassador Philip Goldberg.

Not only are we the same age,

but we both started

working in our current positions

almost simultaneously.

Working alongside such

esteemed colleagues and friends

always brings me great joy.

In this significant year,

we have indeed been fully celebrating

the 70th anniversary of the Alliance

in a manner which reflects its true importance.

Four visits by our President

to the U.S. in one year.

We sent our President, Four times!

In April, there was

the successful State visit,

the first in 12 years.

In August, there was the historic

Trilateral Summit in Camp David.

President Yoon also attended the

United Nations General Assembly in September

in New York.

And just last month,

he visited San Fransisco

to participate in the APEC and IPEF Summit.

So the President has been in

the East Coast and the West Coast.

He had a very fruitful, meaningful and successful dialogue with President Joe Biden,

the U.S. administration,

the U.S. Congress,

and the U.S. business leaders.

Ladies and Gentlemen,

I remember the KORUS FTA was a politically controversial and divisive issue when it was discussed in our country

when I was served as the Chairman

of the Foreign Affairs, Trade and Unification Committee of the Korean National Assembly.

There was a fierce debate, whether this KORUS FTA is good or bad for Korea.

But I know that now nobody raises questions about the importance and usefulness and the historic significance of the KORUS FTA.

The KORUS FTA was ratified in 2011,

about 12 years ago.

And since then it has been evaluated as

the gold standard of the Free Trade Agreement.

KORUS FTA has generated

a significant doubling in bilateral trade and

almost tripling the two-way investment

over the past decade.

In fact our bilateral trade volume this year

is expected to surpass $200 billion

for the first time ever.

AMCHAM has contributed to that historic record of our trade and investment between the two countries.

Our partnership far extends

beyond trade and investment.

It has evolved into

an economic and technological alliance.

Originally, our alliance was a military alliance,

based on the Mutual Defense Treaty.

And then it evolved into an economic alliance.

The KORUS FTA is the strong foundation

on which we have consolidated our economic alliance.

And the result is this rising trade and investment between the two countries.

Now we are a technological alliance.

Our scope of cooperation in the technological area spans a wide range,from automobiles, semiconductors, electric batteries,

to nuclear power generation and biotechnology

and of course, space, AI, and quantum.

It is still growing.

Just this month,

we successfully convened

the ROK-U.S. Space Forum with

experts, policymakers and

industry representatives

from the two countries.

I also had the pleasure of meeting with

U.S. government officials including the White House, State Department, the Department of Defense and U.S. Space Command,

and the CEOs of U.S. space companies,

exploring the exciting potential for

space cooperation between

our governments and companies.

I myself am a Trekkie.

I grew up watching Star Trek,

Captain Kirk, and Mr. Spock.

This well demonstrates that

the sky is no longer the limit

for our Alliance.

Maybe you remember the famous words from the movie "Apollo 13", "Houston, we have a problem."

Now, in our Alliance,

Houston, we DON’T have a problem.

Both Korea and the U.S.

are playing key roles

in the global supply chain,

with our cutting-edge technology

and manufacturing competitiveness.

And our supply chains are

intricately linked across the Pacific,

underscoring the interdependence

of our two economies.

Naturally, Korean companies are

making substantial investments in the U.S.

And indeed, American companies are also increasingly investing in Korea.

Particularly in high-tech industries,

such as electronics and EVs,

batteries, and semiconductors.

James just mentioned that it would be great if Korea becomes home to the headquarters of the Asian region for U.S. business companies, I totally agree.

To name a few,

Hyundai Motor’s $5.5 billion

EV plant in Georgia,

and Samsung Electronics'

$17 billion chip plant in Texas.

From the U.S.,

high-tech industry giants like

Netflix and Corning,

as well as major companies

such as GM and Dupont

pledged a total of $17.5 billion this year only.

Distinguished Guests,

The cooperation between

Korea and the U.S.

in the realm of the clean energy transition

is an illustrative model

of our economic alliance.

When the IRA was introduced last year,

As you all know,

it stirred up some concerns in Korea.

However, the two governments

navigated these issues through robust information-sharing and consultations,

in close communication with

relevant actors in the private sector.

The role of AMCHAM was invaluable.

I once again thank James

for playing a bridging role between Korea and the U.S. in ironing out these issues.

Now companies see greater predictability,

and a more favorable business environment.

Korean EVs now stand

as major players in the U.S. market

with an increased market share.

Whenever there is an issue,

our two countries will continue

to seek creative solutions

based on trust, reciprocity and transparency.

As we have done in the case of

the CHIPS & Science Act

guardrail provision and

the approval of the VEU for

Korean semiconductor companies.

Our governments are committed to

fostering two-way investment,

and cultivating a resilient supply chain ecosystem.

This remarkable economic partnership

owes its success to the amicable relationship

between the citizens of our two countries.

Interest in Korean culture

has been significantly

heightened in the U.S.,

as exemplified by the popularity of

BTS, Black Pink and Squid Game.

Do you know which country

visited Korea the most last year?

It was the United States,

with a notable 540,000 visitors.

The depiction of Kimbap in the dramas "Extraordinary Attorney Woo" and "The Glory"

resulted in a remarkable sell-out of

frozen Kimbap at Trader Joe's.

This mutual cultural interest

fosters a synergy

that not only encourages

people-to people exchanges,

but also yields positive effects

on our industries.

It is imperative that

we take steps to further invigorate

cultural exchanges by strengthening

the bonds between our future generations.

Furthermore, our symbiotic relationship is

contributing to a broader global dynamic.

Korea and the U.S. are now

enhancing cooperation with third countries.

Building on the positive momentum

in Korea-Japan relations,

we are also bolstering

Korea-U.S.-Japan trilateral cooperation

as was vividly shown in the Camp David Summit

in August.

As leading economies and tech leaders,

the three countries will seek

closer collaboration in crucial areas

such as supply chains and advanced technology.

Distinguished Guests,

The partnership between Korea and

the U.S. is nothing short of extraordinary.

From the 70 years of experience,

we know that

we are more prosperous together,

we can go further when we walk together.

That’s why our catchphrase is

‘같이 갑시다’.

It is the business community

that plays the pivotal role

in shaping the trajectory

of our bilateral economic cooperation.

I extend my heartfelt gratitude

to AMCHAM and each one of you ;

for being the driving force

behind this robust alliance.

Your commitment and contributions

have been instrumental in the success

we've achieved so far.

And your continued dedication

will be crucial in charting the course

for the next 70 years

of the alliance.

Today's gathering provides a unique platform

for constructive discussions

that will help to define the direction

of the economic cooperation

between Korea and the U.S.

in this era of significant change.

James just mentioned that Yoon Government is driving a new foreign policy initiative called 'Global Pivotal State'.

The acronym is GPS.

We all carry GPS on our mobile phone which tells you where you are and where you're going.

Now that Korean foreign policy is equipped with GPS, we are ready to share our GPS with the United States, free of charge.

I look forward

to the transformative discussions

that will unfold today.

Thank you. /END/