FKI promotes S. Korea's US investments at congressional charity baseball game in Washington
South Korea's Federation of Korean Industries said Thursday it has participated as a sponsor in an annual US congressional charity baseball event in Washington as part of efforts to promote Korean companies' investments in America.
The FKI's sponsorship of the Congressional Baseball Game for Charity held Wednesday was aimed at fostering bilateral ties, as ongoing bilateral tariff negotiations are expected to accelerate amid the recent change in government in South Korea.
During the event, the FKI aired promotional videos highlighting the achievements of Korean companies investing in the United States.
The promotional content noted that since the first term of US President Donald Trump in 2016, Korean companies have invested over $160 billion in the US and created an estimated 830,000 jobs.
FKI Chairman Ryu Jin attended the official reception for the event and emphasized Korea's investment contributions. He also promoted the country's competitiveness in promising sectors for bilateral cooperation, such as shipbuilding and energy.
The federation said it plans to continue promoting Korean corporate activities in the US through local media and social media platforms. (Yonhap)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Korea Herald
31 minutes ago
- Korea Herald
Seoul shares open lower on tariff woes, Middle East tension
South Korean stocks opened lower Friday on concerns over the impact of the planned expansion of the United States' tariffs on steel derivative imports and rising tensions in the Middle East. The benchmark Korea Composite Stock Price Index lost 6.67 points, or 0.23 percent, to 2,913.36 in the first 15 minutes of trading. Overnight, Wall Street closed higher on reduced inflationary pressure and stable interest rates. The Dow Jones Industrial Average gained 0.24 percent, the tech-heavy Nasdaq composite rose 0.24 percent, and the S&P 500 added 0.38 percent. However, investors were paying attention to the possible impact of US President Donald Trump's administration's new steps to subject imported household appliances, such as dishwashers, washing machines, refrigerators and others, to the expanded steel tariff scheme to take effect later this month. News that Israel conducted a preemptive strike on Iran also sapped investors' risk appetite, increasing market volatility. In Seoul, tech behemoth Samsung Electronics dropped 0.5 percent, and its rival home appliance maker LG Electronics sank 2.4 percent, reflecting the Trump administration's plan to expand the subject range of steel tariffs. Top automaker Hyundai Motor and its sister Kia went down 1.24 percent and 1.22 percent, respectively. Leading battery maker LG Energy Solution also slid 2.63 percent. On the other hand, major chipmaker SK hynix went up 1.38 percent, and internet portal operator Naver increased 1.31 percent. Major shipbuilders also kicked off strong, with HD Hyundai Heavy jumping 3.34 percent and HD Korea Shipbuilding soaring 4.26 percent. The local currency was trading at 1,361.9 won against the greenback at 9:15 a.m., down 3.2 won from the previous session. (Yonhap)
Korea Herald
an hour ago
- Korea Herald
Military to begin Hwarang defense drills next week against NK threats
The military will kick off the annual Hwarang drills with local governments, police and firefighting authorities next week in efforts to hone an integrated defense posture against North Korea's threats, the Joint Chiefs of Staff said Friday. The first segment of the exercise will take place in Incheon, west of Seoul, and Gyeonggi Province that surrounds the capital, from Monday through June 20, and continue in four other areas, including the capital, through November, according to the JCS. This year's drills incorporate simulated situations tailored to the participating regions and field training exercises involving all relevant authorities. In particular, the exercise will be aimed at effectively responding to the changing security situation, marked by the North's advancing nuclear and missile threats as well as increasing use of drones, the JCS said. (Yonhap)
Korea Herald
an hour ago
- Korea Herald
Economy faces continued downward pressure amid sluggish domestic demand, export slowdown
South Korea's economy continues to face downward pressure due to delayed recovery in domestic demand and slowing exports amid lingering global trade uncertainties, the finance ministry said Friday. In its monthly economic assessment, the Green Book, the Ministry of Economy and Finance pointed to persistent downside risks for the sixth consecutive month, citing weak consumption, sluggish construction investment and ongoing challenges in the labor market, coupled with worsening export conditions. "Recently, the domestic economy has seen a delayed recovery in private consumption and construction investment, while difficulties in employment persist, especially in vulnerable areas," the report said. "Export growth has slowed due to worsening external conditions triggered by US tariff impositions, maintaining overall downward pressure on the economy." Despite adding 245,000 jobs in May -- the first time in 13 months that job additions surpassed the 200,000 mark -- the report noted ongoing employment losses in key industries, such as manufacturing and construction. The manufacturing sector, considered a cornerstone of the South Korean economy, lost 67,000 jobs in May compared with a year earlier, marking the 11th consecutive month of decline. The construction industry shed 106,000 jobs, continuing a downward trend for the 13th straight month. The report also raised concerns over growing global economic risks, noting that trade conditions have deteriorated, leading to heightened volatility in international financial markets. South Korea's exports fell 1.3 percent on-year to $57.3 billion in May, ending a three-month growth streak. The decline was largely attributed to a sharp drop in shipments to the United States, following trade measures implemented by US President Donald Trump's administration. The ministry said it will continue to focus on measures to support the economic recovery, revitalize consumption, and assist vulnerable groups and small merchants. It also pledged full-scale efforts to mitigate the impact of global trade risks, including damage from US tariffs on South Korean companies. (Yonhap)
