열린장관실

H.E. CHO TAE-YUL

MINISTER OF FOREIGN AFFAIRS

LUNCHEON WITH

THE U.S. CHAMBER OF COMMERCE

FEBRUARY 27, 2024 (TUE) 12:00-13:00

WASHINGTON D.C.

Good afternoon.

Thank you for joining me today on such short notice.

Let me also thank Ambassador Keshap for the kind introduction.

I know it's not everyday that a Foreign Minister would ask to meet with US business leaders.

But, I'm sure you would agree that in this day and age, this should no longer come as a surprise,

for we are now living in a geopolitical environment  where security, economy, and technology are increasingly intertwined;

where countries are using economic tools to pursue security and foreign policy objectives;

and where more traditional statecraft is merging with economic statecraft.

The fact that our respective National Security Councils are leading our Economic Security Dialogues both bilaterally between Korea and the US, and trilaterally with Japan, speaks volumes about the world we live in.

These developments call for new and collaborative responses from both governments and businesses.

Accordingly, I would be remiss not to reach out to the very community which is driving the economic and technological changes of today.

Indeed, one of my priorites as Foreign Minister is to ensure that Korea's diplomacy strengthens the inter-linkage between economy and security;

and that we adopt a more holistic approach where governments and businesses work more closely together.

I therefore took it upon myself to visit all the major Korean business associations during my first few weeks in my office.  

In the same vein, I met with representatives of Korean companies in New York over the weekend to get a sense of their priorities.

And I'm very excited to be here today to listen to your thoughts about the opportunities and challenges that lie ahead for our economic partnership.

On a more personal note, I had many opportunities to engage with the U.S. Chamber of Commerce and U.S. businesspeople when I was working at the Korean Embassy here as an economic counselor.

That was nearly a quarter century ago.  

Let me take this opportunity to make three brief points.

First, the Korea-US Alliance has never been stronger.

President Yoon's historic state visit last year took our partnership to new heights and across all domains including cutting-edge technology.

This “ironclad” alliance between our two countries provides an auspicious backdrop against which business partnerships can thrive.

Second, much like the spirit of our alliance, I hope that Korean and US companies can see each other more as partners facing shared challenges, and less as competitors.

There is so much that our two business communities can achieve together – whether in forging more resilient supply chains or pushing the envelope on digital and green energy transition, to cite a few examples. 

Indeed, Korea is playing a key part in regards to some of the critical technologies shaping our world.

Korea's place as a paramount semiconductor producer is well known.

We are also playing a key part in shaping the rule of the road for Artificial Intelligence.

Korea will be co-hosting a virtual AI Safety Summit with the UK in May, back-to-back with a Global AI Forum, and a Summit on the Responsible Use of AI in the Military Domain in September with the Netherlands.

Finally, President Yoon met with foreign investors in Korea two weeks ago on February 14 and stressed his commitment to making Korea one of the best places to do business.

Easing existing regulations and creating more incentives for foreign investors are important elements of this drive.

So I hope you will find Korea to be an even more attractive investment destination

Let me stop here.

I look forward to a fruitful communication.