U.S. aims to boost economic ties with Korea ahead of presidential election

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U.S. aims to boost economic ties with Korea ahead of presidential election

Published: 03 Oct. 2024, 11:12 Updated: 03 Oct. 2024, 11:13

Jose Fernandez, the under secretary of state for economic growth, energy and the environment, speaks during a press meeting in Seoul on Feb. 1. [U.S. EMBASSY IN SEOUL]

The United States will focus on opening new economic growth opportunities with Korea while securing the headway that the two countries have already achieved, a senior U.S. official said Wednesday, as the U.S. presidential election is a little over a month away.

Jose Fernandez, the undersecretary of state for economic growth, energy and the environment, made the remarks, stressing that at the forefront of the Biden administration's economic policy has been working together with the allies to improve supply chain resilience and safeguard economic security.

His speech was delivered during the annual South Korea-U.S. Joint Public-Private Economic Forum in Atlanta, Georgia, hours before he and Seoul's Vice Foreign Minister Kang In-sun were to hold the allies' annual Senior Economic Dialogue (SED).

"I think that our focus going forward has to be unlocking new opportunities for growth while securing the progress that we've already made," he said at the forum organized by the Washington-based Center for Strategic and International Studies.

"Continuing our partnership means improving the capabilities of our industries and the livelihoods of our countries' citizens," he added.

Fernandez praised Korea's current role as the chair of the Minerals Security Partnership (MSP), a multinational partnership aimed at developing diverse and sustainable supply chains for critical energy minerals, while noting that clean energy goals will be in jeopardy unless countries are able to substantially increase the use of lithium.

"The Republic of Korea has assumed the chair of the Minerals Security Partnership a couple of months ago ... and Korea has been a tremendous partner as we tackle this issue," he said, referring to Korea by its official name.

Vice Foreign Minister Kang In-sun shakes hands with Jose Fernandez, the under secretary of state for economic growth, energy and the environment, before their talks at the foreign ministry in Seoul on Jan. 31. [YONHAP]

In her speech at the forum, Kang underscored the importance of bilateral collaboration on key technologies and clean energy, saying the allies' cooperative trends will endure for a long time.

"Our cooperation on critical and emerging technologies and clean energy transition will define the future of our two countries," she said. "Not only that, but it will also have the power to shape the geoeconomic landscape of the Indo-Pacific," she added.

Kang said that technological collaboration between Korea and the United States in sectors, including biotechnology, batteries, semiconductors, the digital economy and clean energy, will play a "crucial" role in not only promoting economic prosperity but also strengthening the allies' national security.

Touching on Korean businesses' investments in the United States in recent years, Kang expressed confidence that such trends will continue to be the case for many years to come.

"This will be true irrespective of any political or economic challenges we might face. This is because we are allies that share a deep belief in fundamental values like freedom, democracy, the rule of law and human rights," she said.

Regarding the U.S.' Inflation Reduction Act (IRA), Kang said that it has opened "new doors" in the clean energy sector.

"Since the implementation of the IRA, Korea has become the largest investor in the U.S. clean energy sector," she said.

Yonhap