Korean firms key to US industrial strength, says trade association chief in Washington
Korean companies are playing a vital role in the US, according to Korea International Trade Association Chair Yoon Jin-sik, who described the country as a 'force multiplier' for US economic security and a key to revitalizing strategic industries.
The remarks were made during Yoon's visit to the US from Monday to Thursday, where he led a business delegation of executives from seven Korean companies operating in the US — including Meta Biomed, Exicon, Iljin Group, Jusung Engineering, Doosan Group, Dongwon Industries and Seah Steel — according to KITA on Thursday.
The group attended the SelectUSA Investment Summit, an event organized by the US Department of Commerce to promote foreign investment, and met with key government officials, including Trevor Kellogg, chief of staff for the International Trade Administration at the US Department of Commerce.
'Korean companies have not only created quality jobs through active US investment, but have also contributed significantly to strengthening America's advanced industrial production capabilities,' Yoon was quoted as saying during his meeting with Kellogg. 'Korea is no longer just an economic partner, but it's a 'force multiplier country' essential to US economic security.'
He explained that core Korean technologies in strategic sectors such as shipbuilding, semiconductors, batteries and nuclear power can help revitalize the US economic security and strategic industries.
Regarding the US government's investigation into imports of copper, semiconductors and pharmaceuticals under Section 232 of the Trade Expansion Act of 1962, Yoon requested from US officials tariff exemptions or relief for trusted partners like Korea to stabilize supply chains.
In response, Kellogg acknowledged the importance of Korean firms in bolstering US strategic industries and expressed support for securing Korean technical professionals and visa processes, according to KITA.
Yoon also held meetings with Maryland Gov. Wes Moore and Michigan Gov. Gretchen Whitmer, seeking state-level support for Korean firms' operations in the region.
In a meeting with Rep. Pete Sessions, a Republican from Texas, Yoon expressed concerns about reduced subsidies under the Inflation Reduction Act and their impact on Korean investment. He also discussed Korea's shipbuilding capabilities as critical to revitalizing US naval industries during talks with Sen. John Curtis, a Republican from Utah, who co-sponsored a bill aimed at ensuring US Navy and Coast Guard readiness.
KITA also hosted a networking reception on Tuesday in Washington, drawing over 300 attendees, including lawmakers and business leaders, to discuss ways for economic collaboration between the two countries. Guests included Rep. Joe Wilson, a Republican from South Carolina who co-chairs the Korea Caucus, Rep. Andy Biggs, a Republican from Arizona, and Rep. Dave Min, a Democrat from California, among others.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Korea Herald
7 hours ago
- Korea Herald
Probe bills into Yoon, wife pass National Assembly
Presidential office says 'there is very little reason' to veto them The ruling Democratic Party of Korea-controlled National Assembly on Thursday passed contentious bills mandating special counsel probes into charges and scandals surrounding former President Yoon Suk Yeol and his wife, Kim Keon Hee. Three probe bills reintroduced by the Democratic Party were approved during a parliamentary plenary vote held in the afternoon. One pushes to launch a permanent special counsel to investigate 11 charges tied to Yoon's failed martial bid in December; another seeks to mainly investigate Kim's alleged inappropriate interference in the People Power Party's candidate nomination process in previous general and by-elections as well as her luxury bag scandal; the third looks into the allegations that the Yoon administration interfered in the military's investigation into a young Marine's death in 2023. All three bills were passed in a 194-3 vote with one abstention, in a package deal. The move came a day after President Lee Jae-myung, who was the Democratic Party Chair, was sworn into office. He won Tuesday's early election, securing 49.42 percent of the vote against his rival and People Power Party candidate Kim Moon-soo, who saw 41.15 percent. Lee was highly likely to approve and endorse the bills, as an official at the presidential office said, 'there is very little reason' to veto them, with all three 'receiving People's support,' in a press briefing after the plenary vote. People Power Party, which became the main opposition party on Wednesday, highlighted its party line against the passage of the bills ahead of the plenary vote. The majority of the party lawmakers boycotted all three votes. All three bills passed on Thursday had previous versions that were scrapped by former President Yoon's veto power. The bill mandating a permanent special counsel investigation against Yoon will look into 11 different charges tied to his martial law bid, including insurrection and military mutiny. The previous versions of the bill were vetoed and scrapped twice. The latest version expanded the scope of the charges from six to 11. Special counsel candidates will be nominated by the Democratic Party and the minor liberal Rebuilding Korea Party, from the parliament's side. The bill also eases regulations to access presidential archives. It lowers the threshold from the current approval needed from two-thirds of lawmakers or from a high court chief judge to three-fifths of the Assembly or permission from a district court chief judge. The bill concerning the first lady will look into her alleged role in a stock manipulation scandal as well as the inappropriate acceptance of a luxury bag from a Korean-American pastor and election-related scandals involving political broker Myung Tae-kyun. An amendment passed alongside the bills expands the scope of the number of assistant special prosecutors from four to seven and raises the cap on dispatched prosecutors from 40 to 60.
Korea Herald
8 hours ago
- Korea Herald
Did DCC Commander 'blacklist' generals? State investigation conducted
Intelligence command probed for allegedly keeping tabs on political views of high-ranking military officials The military's intelligence agency is under investigation for allegedly tracking the political inclinations of former and incumbent generals and using a blacklist for personnel decisions during the previous Yoon Suk Yeol administration, according to local media reports. The Defense Counterintelligence Command was searched by the Corruption Investigation Office for High-ranking Officials on May 29 in relation to the CIO's ongoing probe into former DCC Commander Yeo In-hyung. Yeo, a former three-star general, was dismissed by the Ministry of Defense in March for his suspected involvement in Yoon's short-lived martial law imposition in December. The recent allegations center on Yeo purportedly keeping a blacklist of the military generals based on their political opinions, which would be an abuse of authority as stipulated in Article 123 of the Criminal Act. The CIO found documents they suspected to mek up a blacklist in their investigation of Yoon's insurrection charge and procured testimonies by DCC officials that Yeo had kept the list since taking office in November 2023. The testimonies said the blacklist had affected the personnel decisions in the military. Many generals were customarily hired as civilian officials in the ministry and affiliated organizations. It was reported that the problematic document had detailed information about incumbent and retired generals, including their personal information, political views and proximity to the Democratic Party of Korea. The CIO confirmed that the DCC had compiled reports on generals' promotions and appointments, along with reviews of personnel decisions regarding retired generals. Officials will conduct further investigation into whether the blacklist was reported to Yoon and if it was related to the declaration of martial law. Yoon and Yeo are on trial for suspected insurrection concerning the martial law declaration on Dec. 3. Yeo has maintained that he opposed Yoon's orders to impose martial law, although evidence contradicting the claim was recovered in the subsequent investigation.
Korea Herald
8 hours ago
- Korea Herald
Lotte sets sights on global retail future at NRF Big Show
Lotte Shopping Vice Chair Kim Sang-hyun highlighted the group's global strategy and innovation efforts at NRF Big Show APAC 2025, held in Singapore from Tuesday to Thursday. The event, hosted by the National Retail Federation, a US-based retail trade association, was held for the first time in the Asia-Pacific region and drew 10,000 retail leaders, including Amazon. During a session titled 'Retail Transformation, The Lotte Story,' Kim spoke with Vipul Chawla, CEO of Singapore's FairPrice Group, about Lotte's evolving approach to customer-centered retail and digital transformation. Kim, who heads the Korean firm's retail division, introduced Lotte Mall West Lake Hanoi as a leading example of innovative customer experience. The mall, which opened in 2023, recorded over 200 billion won ($147 million) in cumulative sales within nine months and 10 million visitors within 354 days. He described it as a platform that goes beyond retail, connecting customers with culture and lifestyle. Addressing structural challenges in Korea, such as economic uncertainty and an aging population, Kim explained how Lotte is expanding into global markets and utilizing artificial intelligence-driven solutions. A key project includes the construction of an AI-powered customer fulfillment center in Busan, in partnership with Ocado, to enhance hyperpersonalized recommendations and logistics automation. Kim also introduced Lotte Mart Express, recently launched inside FairPrice's VivoCity location, as a case of successful collaboration. Looking to the next three to five years, Kim stressed the importance of creating value in customers' time and experience. 'Lotte will make a strong commitment toward global competitiveness through customer-centric and tech-driven innovation,' Kim said.
