Korean companies are playing a vital role in the US, according to Korea International Trade Association Chair Yoon Jin-sik, who described the country as a “force multiplier” for US economic security and a key to revitalizing strategic industries.
The remarks were made during Yoon’s visit to the US from Monday to Thursday, where he led a business delegation of executives from seven Korean companies operating in the US — including Meta Biomed, Exicon, Iljin Group, Jusung Engineering, Doosan Group, Dongwon Industries and Seah Steel — according to KITA on Thursday.
The group attended the SelectUSA Investment Summit, an event organized by the US Department of Commerce to promote foreign investment, and met with key government officials, including Trevor Kellogg, chief of staff for the International Trade Administration at the US Department of Commerce.
“Korean companies have not only created quality jobs through active US investment, but have also contributed significantly to strengthening America’s advanced industrial production capabilities,” Yoon was quoted as saying during his meeting with Kellogg. “Korea is no longer just an economic partner, but it’s a ‘force multiplier country’ essential to US economic security.”
He explained that core Korean technologies in strategic sectors such as shipbuilding, semiconductors, batteries and nuclear power can help revitalize the US economic security and strategic industries.
Regarding the US government’s investigation into imports of copper, semiconductors and pharmaceuticals under Section 232 of the Trade Expansion Act of 1962, Yoon requested from US officials tariff exemptions or relief for trusted partners like Korea to stabilize supply chains.
In response, Kellogg acknowledged the importance of Korean firms in bolstering US strategic industries and expressed support for securing Korean technical professionals and visa processes, according to KITA.
Yoon also held meetings with Maryland Gov. Wes Moore and Michigan Gov. Gretchen Whitmer, seeking state-level support for Korean firms’ operations in the region.
In a meeting with Rep. Pete Sessions, a Republican from Texas, Yoon expressed concerns about reduced subsidies under the Inflation Reduction Act and their impact on Korean investment. He also discussed Korea’s shipbuilding capabilities as critical to revitalizing US naval industries during talks with Sen. John Curtis, a Republican from Utah, who co-sponsored a bill aimed at ensuring US Navy and Coast Guard readiness.
KITA also hosted a networking reception on Tuesday in Washington, drawing over 300 attendees, including lawmakers and business leaders, to discuss ways for economic collaboration between the two countries. Guests included Rep. Joe Wilson, a Republican from South Carolina who co-chairs the Korea Caucus, Rep. Andy Biggs, a Republican from Arizona, and Rep. Dave Min, a Democrat from California, among others.
sahn@heraldcorp.com
