Korea-U.S. Business Council appoints Qualcomm CEO  Jacobs as chairman


The Korean government expressed hopes on Friday for more investment from U.S. businesspeople, stressing that Seoul would grow as a gateway to many Asian countries.

Korea’s Vice Finance Minister Shin Je-yoon made the request when he spoke before a meeting of Korean and U.S. business leaders in Seoul. 

“South Korea is not just geopolitically located near China and other Asian countries. In addition, it has signed a free trade agreement with ASEAN and already launched free trade talks with China,” he was quoted as saying at the 24th meeting of the Korea-U.S. Business council.

“Korea will become a gateway and a strong advanced base that leads to the other Asian markets. I believe this is yet another chance that the free trade pact between Korea and the U.S. can provide and I also expect more American companies to use the pact as a chance to invest in Korea,” he was further quoted as saying.

The U.S. is the second-largest trading partner for South Korea after China. Last year, the two-way trade between South Korea and the U.S. totaled $108 billion. The two countries also concluded an FTA in 2007, which came into effect in March this year.

Shin also proposed working together on developing shale gas, which is emerging as a future energy source, mentioning the Korean government’s move to encourage local companies to join the effort through diverse incentives.

The business council also appointed Paul E. Jacobs, chairman and CEO of Qualcomm Inc. as the new chairman of the council.

Jacobs replaced the outgoing chairman William Rhodes, president and CEO of William R. Rhodes Global Advisers, LLC, who chaired the organization for the past seven years.

“With the historic U.S.-Korea FTA in place, I look forward to working to ensure that businesses, workers and consumers in both countries realize the full benefits of the agreement and to further strengthen bilateral economic ties,” said Jacob.

During the dinner, Korea’s Trade Minister Bark Tae-ho gave a keynote speech about the economic developments in the first five months after the Korea-U.S. FTA came into effect, and also spoke about the economic integration talks in East Asia.

Park emphasized that awareness should be raised about the protectionism that tends to emerge as the world economy becomes more unstable.

Other participants in the business council meeting included Korean Ambassador to the U.S. Choi Young-jin, leaders of the Federation of Korean Industries, and a group of prominent U.S. businesspeople.

By Park Min-young  (claire@heraldcorp.com)