Yoon will be joined by his largest-ever business delegation in visit to U.S.

Diplomacy

Published: 19 Apr. 2023, 18:36 Updated: 19 Apr. 2023, 19:27

Yoon will be joined by his largest-ever business delegation in visit to U.S.

Choi Sang-mok, senior presidential secretary for economic affairs, gives a press briefing on the itinerary of President Yoon Suk Yeol's upcoming state visit to the United States at the Yongsan presidential office in central Seoul on Wednesday. [YONHAP]

President Yoon Suk Yeol will be accompanied by a 122-member business delegation, the largest ever, on his state visit to the United States next week.

The first state visit by a Korean president to the United States in 12 years is expected to focus on strengthening the two countries' technology alliance.

Yoon will also become the first incumbent Korean president to give an address at Harvard University, Choi Sang-mok, senior presidential secretary for economic affairs, said on Wednesday.

Yoon's business delegation, including the leaders of Korea's major conglomerates, will include representatives of 19 large companies, 21 mid-sized companies, 64 smaller-sized companies, 14 economic organizations and associations and four public companies.

They will especially focus on promoting cooperation in advanced technologies and cultural content.

Yoon will hold a bilateral summit with U.S. President Joe Biden at the White House in Washington on April 26 and address a joint session of Congress the following day as the two countries mark the 70th anniversary of the bilateral alliance.

Yoon will be attending seven business events during his time in Washington and Boston as a part of his promise to become Korea's "No. 1 salesman" and "materialize economic-centered summit diplomacy," Choi said.

The heads of Korea's top conglomerates will take part in the trip, including Samsung Electronics Executive Chairman Lee Jae-yong, SK Chairman Chey Tae-won, Hyundai Motor Group Executive Chair Euisun Chung, LG Group Chairman Koo Kwang-mo and Lotte Group Chairman Shin Dong-bin. Other major companies include Hanwha, GS, CJ, HD Hyundai and Hanjin.

Small- and medium-sized companies account for 70 percent of the business delegation, according to Choi.

They represent diverse industries, including semiconductors, electric vehicles (EVs), batteries, bio, robots, IT, software, defense and media content.

This marks the first time in 20 years that the heads of the top four conglomerates and Korea's six major economic organizations, including the Federation of Korean Industries, Korea Chamber of Commerce and Industry and Korea Federation of SMEs, are taking part in such a trip.

Choi said that the three key areas for economic diplomacy during the visit to the United States are strengthening supply chains, cooperation in advanced science and technology and expanding exports, as well as attracting investments from high-tech companies.

"We will strengthen cooperation in the supply chain of high-tech industries such as semiconductors, batteries, EVs and bio through economic events between the two countries," Choi said, signaling "the widening horizon of economic cooperation between Korea and the United States."

Yoon will take part in a business roundtable in Washington attended by some 30 chief executives from Korea and the United States.

This includes American and multinational companies like Qualcomm, Boeing, Lockheed Martin, General Electric, General Motors, Moderna and Biogen.

Yoon also plans to visit the NASA Goddard Space Flight Center in Maryland to discuss bilateral space cooperation and meet with Korean scientists working for the American space agency. This is expected to open doors for cooperation between NASA and the planned Korea Aerospace Administration.

Yoon is also scheduled to attend a global video content leadership forum, the first for a Korean leader, to promote exchanges in the content industries.

American media companies like Paramount, Warner Bros., Discovery, NBCUniversal, Sony Pictures, The Walt Disney Company and Netflix are expected to take part in this event. On the Korean side, entertainment companies like CJ, Studio LuluLala and Watcha will take part.

Organized by the Washington-based Motion Picture Association of America, the forum will mark the first-ever discussion between representatives from the association and six global mass media companies, "demonstrating the elevated status of Korean media content," Choi said.

The trip will also take Yoon's delegation to Boston, home to a world-class bio cluster and prestigious universities.

Yoon will visit the Massachusetts Institute of Technology to hold talks with leading scholars in digital biotechnology.

He will also hold a roundtable with experts and businesspeople working in innovation clusters.

Yoon will give an address on a "new journey toward freedom" at Harvard University, according to Choi, discussing recent challenges threatening freedom and the response.

Yoon will also hold talks with American political scientist Joseph Nye, professor emeritus at Harvard University and former assistant secretary of defense for international security affairs during the Bill Clinton administration.

Yoon will also stop by Harvard Memorial Church to pay his respects to alumni who died in the 1950-53 Korean War and have a meeting with Harvard President Lawrence Bacow.

BY SARAH KIM [kim.sarah@joongang.co.kr]