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Korea Herald
12-06-2025
- Business
- Korea Herald
FKI bolsters US outreach for tariff talks
Since 2016, Korean firms have invested over $160 billion in US, supporting more than 830,000 American jobs The Federation of Korean Industries, the country's leading business lobby, stepped up its public diplomacy efforts in the US, highlighting Korean firms' substantial contribution to the US economy as Washington and Seoul prepare for a new round of negotiations over reciprocal tariffs. The FKI launched its latest outreach campaign at the 2025 Congressional Baseball Game in Washington on Wednesday, a century-old bipartisan charity event that drew 69 members of Congress, many from states that have attracted major Korean investment. As an official sponsor, the FKI aired a 15-second promotional video on the stadium's jumbotron, displayed banners, and distributed flyers and rally towels to showcase the contributions of Korean conglomerates to the US economy. The campaign stressed that since the start of the Trump administration in 2016, Korean companies have invested over $160 billion in the US, supporting more than 830,000 American jobs. Flyers distributed at the event noted that trade in goods between the two countries rose by 81 percent from 2011 to 2023 and that Korean companies offer the highest average annual salary — $106,000 — for American workers among Asian investors. FKI Chairman Ryu Jin, who also leads Poongsan Group, attended the event's reception, where he met with senators and House members from both parties. He emphasized Korea's leadership in strategic sectors such as shipbuilding and energy, and reaffirmed the country's status as an economic and security partner. 'Given the likely resumption of tariff talks under Korea's new government, we're stepping up efforts to build goodwill and remind lawmakers how crucial this partnership is,' said Kim Bong-man, head of the international affairs department at the FKI. Among the lawmakers attending the baseball game were members from investment-heavy states, including Texas, Georgia, Tennessee, Indiana and Michigan. Republican Senator Joni Ernst of Iowa and Democratic Representative Sharice Davids of Kansas were among the big-wig attendees. The campaign comes at a politically sensitive moment. In April, US President Donald Trump announced plans to impose reciprocal tariffs by country, with implementation initially set for April 9. The US administration postponed the move for 90 days to allow trade negotiations, creating a looming deadline of July 8. While Trump has indicated flexibility in extending the deadline on Wednesday, it remains unclear whether Korea, under newly inaugurated President Lee Jae-myung, can secure more time. Trade officials in Seoul are closely monitoring developments as talks intensify. A third round of technical consultations and a ministerial-level review are expected this month. Yeo Han-koo, newly appointed as Korea's Trade Minister and a senior fellow at the Peterson Institute for International Economics, is preparing to meet with US Trade Representative Jamieson Greer. This marks the first major US initiative by the FKI under Korea's new administration. The group also plans additional media and digital campaigns across the US and will co-host the 35th General Assembly of the US-Korea Business Council later this year in Korea, a tradition it has shared with the US Chamber of Commerce since 1988.
Korea Herald
12-06-2025
- Business
- Korea Herald
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)
