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KCCI chair pushes for more stable U.S. policy at 'productive' White House meeting

Published: 21 Feb. 2025, 16:39 Updated: 22 Feb. 2025, 08:56

JIN EUN-SOO
[email protected]

Korea Chamber of Commerce and Industry Chairman Chey Tae-won speaks at the Korea-US Business Night gala in Washington on Feb. 19. [KOREA CHAMBER OF COMMERCE AND INDUSTRY]

Korea Chamber of Commerce and Industry (KCCI) Chairman Chey Tae-won urged the White House to clarify its upcoming policy plans to facilitate continued Korean investment in a meeting between U.S. officials and around 26 Korean business leaders on Wednesday.

Korea's business delegation including executives from Korea's top 20 companies, such as Samsung, Hyundai Motor and LG, visited Washington on Wednesday and Thursday to meet senior officials from the White House and U.S. Treasury.

“For the past eight years, Korea has invested $160 billion in the U.S., most of which was concentrated on the manufacturing industry,” Chey said at the meeting.

“Through such investments, Korean companies generated more than 800,000 jobs, most of which are highly paid positions with an annual salary of more than $100,000.”

The delegation emphasized the need for eradication of uncertainty in U.S. government policy in order to guarantee stable business activity from Korean companies.

Partnerships in the areas of shipbuilding, energy, nuclear power, AI and chips, mobility, materials, components and equipment were also discussed at the White House meeting.

“A White House senior official said that this meeting has been the most productive one so far out of discussions made with more than 20 Korean delegations since Trump was inaugurated,” the KCCI said.

“The official also mentioned that free market and free flow of capital are core elements of reasonable investments and that it is improving excessive regulations and ineffective investment environments that are delaying investment decisions.”

The delegation team urged the U.S. Treasury to form stable macroeconomic environments and investment conditions in strategic industries such as shipbuilding, energy and AI to pursue synergy with Korean companies.

The gala dinner “Korea-US Business Night,” held Wednesday night at the Thomas Jefferson Building's Great Hall was attended by 250 personnel, far exceeding the originally planned 100, who are associated with businesses and Congress.

“The bilateral relationship, which has evolved from a security alliance to an economic partnership over the past century, must now leap forward into a partnership that leads in advanced technology and future values,” Chey said at the gala event.

BY JIN EUN-SOO [[email protected]]