-Prospects of foreign policy after US presidential elections and discussion on bilateral security and trade cooperation

-Discussion on issues including resolving aging society, improving corporate management environment, and measures for cooperation in the bio-industry

The 28th General Assembly of the Korea-U.S. Business Council, jointly organized by the Federation of Korean Industries (FKI) and the US Chamber of Commerce, was held at the Conference Center of the FKI Seoul Headquarters on November 10, 2016. 

Heads of both sides, including Cho Yang-ho, South Korean head of the joint council (Chairman of Hanjin Group) and Paul Jacobs, U.S. head of the council (Chairman of Qualcomm,) and some 70 business leaders and ranking government officials from the two countries participated in the meeting, including Korea’s Commerce Minister Joo Hyung-hwan, Deputy Trade Minister Lee In-ho, Special Representative for Korean Peninsula Peace and Security Affairs Kim Hong-kyun, US ambassador to South Korea Mark Lippert, and Army General Vincent Brooks, commander of U.S. Forces Korea.

“The business communities of both countries are keenly following the future direction of the United States’ security and trade policies, which have been at the center of the U.S. presidential election,” said Cho Yang-ho, South Korean head of the joint council.

“As this year’s Korea-U.S. Business Council meeting is being held at such a time, I hope the meeting will contribute to boosting not only economic cooperation between the two countries, but also the Korea-U.S. alliance, their trade relations, and defense cooperation in Northeast Asia,” he was quoted as telling those in attendance.

Various issues, including the Korea-U.S. alliance, security in Northeast Asia, and bilateral trade, as well as resolving issues associated with an aging society, improving the corporate management environment, and measures for cooperation in the field of bio-industry were discussed thoroughly at the meeting.

Notably, Korea’s Commerce Minister Joo Hyung-hwan participated in the luncheon and delivered a keynote speech on the subject of Korea’s economic policy and Korea-U.S. economic cooperation. In addition, Army General Vincent Brooks, Commander of U.S. Forces Korea, gave a presentation on the Korea-U.S. alliance and security, and US ambassador to South Korea, Mark Lippert, presented on the main issues of bilateral trade and economic cooperation between the two countries.

The Korea-U.S. Business Council is the premier business advocacy organization, established in 1988 for the purpose of promoting a bilateral economic relationship and strengthening the bond between the two countries. The council contributed to the conclusion of the Korea-U.S. FTA, joining the visa exemption program, and etc. It has become the highest level channel for cooperation between the business communities of the two countries. Cho Yang-ho, Chairman of Hanjin Group, has been serving as the South Korean head of the council since 2013, and Paul Jacobs, Chairman of Qualcomm, as his counterpart since 2012.

Source: FKI