Korea secures over $1B in investment during APEC summit visit

Diplomacy

Published: 19 Nov. 2023, 18:31

Korea secures over $1B in investment during APEC summit visit

President Yoon Suk Yeol, left, and first lady Kim Keon Hee arrive on the presidential jet at the Seoul Air Base in Seongnam, Gyeonggi, late Saturday, ending a four-day visit to San Francisco for the APEC summit. [JOINT PRESS CORPS]

Korea secured a total of 1.5 trillion won ($1.16 billion) in investment commitments from four U.S. companies, including U.S. automaker General Motors (GM), during President Yoon Suk Yeol's visit to San Francisco for the APEC summit, the Industry Ministry said Sunday.

GM, DuPont, IMC and Ecolab declared investments in Korea on the sidelines of the gathering of the 21-member Asia-Pacific Economic Cooperation (APEC), which could lead to annual exports of over 4.5 trillion won.

Yoon and first lady Kim Keon Hee returned home late Saturday after ending a four-day visit to attend the APEC summit in San Francisco.

On Wednesday, Yoon gave a keynote address at the APEC CEO Summit on enhancing connectivity in supply chains and the digital sector.

Marking his first APEC leaders' summit, Yoon on Thursday called on APEC member economies to work together to tackle global challenges, such as climate change.

He called for a Carbon-Free Alliance to transition to a clean energy system and urged for the establishment of a special APEC initiative on the expansion of smart mobility.

In a retreat session for APEC leaders Friday, Yoon urged leaders to prioritize supply chain resilience by adopting early warning systems. He also highlighted restoration of the multilateral trading system, cooperation in establishing a regional supply chain and setting the groundwork for AI and digital governance.

Yoon also asked members to participate in the "AI Global Forum" to be hosted by Korea next year. Korea is set to chair the 2025 APEC.

The APEC gathering was an opportunity for Yoon to raise concerns over possible "illegal" military deals between Russia and North Korea.

Korean President Yoon Suk Yeol, left, speaks on a panel with Japanese Prime Minister Fumio Kishida, right, moderated by former U.S. Secretary of State Condoleezza Rice, center, at Stanford University's Hoover Institute in California on Friday. [JOINT PRESS CORPS]

At the end of the summit, the APEC leaders adopted the Golden Gate Declaration, committing to "an open, dynamic, resilient, and peaceful Asia-Pacific community."

Yoon and Japanese Prime Minister Fumio Kishida agreed to cooperate in the hydrogen sector in a discussion held at Stanford University on Friday. Former U.S. Secretary of State Condoleezza Rice served as moderator during the event, which highlighted trilateral cooperation between Korea, the United States and Japan in advanced technology and was attended by around 400 Stanford faculty and students.

A bilateral summit with Chinese President Xi Jinping did not come about despite discussions to the last minute to hold a meeting. Yoon only briefly encountered Xi, exchanging greetings at an APEC session on Thursday.

President Yoon Suk Yeol, left, and Chinese President Xi Jinping, greet each other at the APEC Summit in San Francisco on Thursday. [JOINT PRESS CORPS]

Xi held bilateral summits with Biden and Kishida during his U.S. visit.

Yoon, in turn, held a brief meeting with U.S. President Joe Biden and Kishida on Thursday on the margins of the APEC leaders' summit.

Biden thanked Yoon and Kishida for "greatly reducing his load" through their support, said Kim Tae-hyo, principal deputy national security adviser, in a briefing. The two leaders worked to mend frayed bilateral ties and normalize relations, leading to their historic Camp David trilateral summit in August.

Yoon and Kishida held their seventh bilateral summit this year at APEC, highlighting their continued cooperation in a continuation of their shuttle diplomacy.

He also held bilateral talks with the leaders of Peru, Chile and Vietnam and met with Apple CEO Tim Cook.

Yoon also participated in the U.S.-led Indo-Pacific Economic Framework (IPEF) summit, where leaders agreed to establish stable critical mineral supply chains on Thursday.

Korea’s first lady Kim Keon Hee, second from left, listens to Apple CEO Tim Cook, left, alongside girl group Blackpink's Rose, second from right, at an official event on mental health awareness hosted by U.S. first lady Jill Biden for spouses of APEC leaders in Cupertino, California on Friday. [JOINT PRESS CORPS]

First lady Kim took part in an event advocating mental health for spouses of APEC leaders hosted by U.S. first lady Jill Biden on Friday. It was attended by global figures including Apple's Cook and K-pop star Rosé of girl group Blackpink.

After staying in Seoul for one day, Yoon and Kim are scheduled to depart the country again on Monday on a six-day visit to Britain for a state visit and France to make a final pitch for Busan's World Expo 2030 bid.

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