BUSINESS

Korean businesses show investment plans to Trump’s aides

By Cho Chung-un
  • Published : Nov 8, 2017 - 18:11
  • Updated : Nov 8, 2017 - 18:11
A group representing Korean businesses on Wednesday told close aides to US President Donald Trump about the firms’ investment plans worth some $17.3 billion for the US, highlighting that it will ease the trade imbalance between the two countries.

At a meeting hosted by the Korea Chamber of Commerce and Industry, around 10 executives from the top major companies in Korea met with senior staff of the White House including Dina Powell, deputy national security adviser for strategy, and Everett Eissenstat, deputy director of the National Economic Council and deputy assistant to the president for international economic affairs.

KCCI Vice Chairman Lee Dong-geun (Yonhap)

KCCI Vice Chairman Lee Dong-geun said in his welcoming speech that bilateral trade between Korea and the US has grown 12 percent in the last five years while the entire size of world trade shrank 12 percent in the same period. Korean companies are eager to invest more in the US in the near future, he added.

Citing a study conducted by the KCCI, he said that 42 companies plan to invest a combined $17.3 billion in the US over the next five years, while 24 companies have expressed their intention to purchase produces worth $57.5 billion including $22.8 billion worth of energy resources.

“If the plans of massive investment and purchase are executed, I believed that the problems (associated with) trade imbalance will be eased.”

In response, the staff from the White House said that the economic policies being driven by the Trump administration will boost the potential growth of the country and offer more opportunities to foreign investors.

President Trump also prioritizes free, fair and reciprocal market access and the creation of new trade opportunities, they were quoted as saying by the KCCI.

The meeting was held on the sidelines of President Trump’s state visit to South Korea, and for Korean businesses to seek “cooperation” with the US government, the KCCI said in the statement.

By Cho Chung-un (christory@heraldcorp.com)