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FKI chair urges Korea, U.S. to hold onto partnership under Trump administration

Published: 11 Dec. 2024, 07:00

LEE JAE-LIM
[email protected]

A sign of the Federation of Korean Industries at Yeouido in western Seoul [LEE HEE-KWON]

Federation of Korean Industries Chairman Ryu Jin urged Korea and the United States not to let their partnership lapse at the first meeting of the Korea-U.S. Business Council since the victory of loudly protectionist U.S. President-elect Donald Trump.

The business leader encouraged the two nations to strengthen their ties across semiconductors, batteries, small modular reactors (SMRs) and shipbuilding at the 35th general meeting cohosted by the FKI and the U.S. Chamber of Commerce (USCC), which took place Tuesday and Wednesday at the chamber's headquarters in Washington. The gathering drew its largest-ever private delegation of more than 60 industry experts and executives from Korean and U.S. firms. It was the first U.S.-based iteration in five years due to the Covid-19 pandemic.

“U.S. President-elect Trump’s pledges signal various changes to the business environment,” said Ryu said in his opening remarks on Tuesday. “The economic communities of both nations must work together more closely to prepare for a new era amid these waves of change.”

Ryu emphasized reinforcing U.S.-Korea supply chain cooperation in fields such as semiconductors and batteries, stating that Korean companies have contributed significantly to creating quality jobs and driving technological innovation in the United States through accumulated investment of $143 billion over the past seven years since the start of Trump administration’s initial term.

He added that Trump’s commitment to SMR and defense shipbuilding, areas in which Korean companies possess the technological edge, leaves room for active collaboration.

Ryu has been stressing the urgency of dialogue between the governments of Korea and the United States since taking charge of the FKI last year. He predicted that a Trump re-election could benefit international firms with investments in the country at a federation forum in July.

Business leaders who attended the business council issued a joint statement supporting the stability of Korean companies’ production, employment and technological innovation in the United States across semiconductors, batteries, critical minerals, biotech, dense and aerospace, as well as a predictable environment for business investments by both nations.

Korean participants included Hanjin Group Chairman Walter Cho, Chong Kun Dang Chairman Lee Jang-han, Youngone Corporation Vice Chairman Sung Rae-eun, Hyosung Vice Chairman Cho Hyun-sang, LG Chem Vice Chairman and CEO Shin Hak-cheol, Samsung Electronics Executive Vice President Yoon Young-joe, Hyundai Motor Executive Vice President Kim Dong-wook, SK America Executive Vice President Steve Son and Michael Smith, U.S. representative of Hanwha Aerospace.

On the U.S. side, participants included Evan Greenberg, Chairman and CEO of Chubb and Chair of the U.S.-Korea Business Council; Pfizer Chairman Albert Bourla; Marsh McLennan Chairman John Doyle; XCoal Chairman Ernie Thrasher and Tishman Speyer CEO Rob Speyer.

BY LEE JAE-LIM [[email protected]]