Abu Dhabi:South Korean and U.S. business leaders have urged for expedited regulatory approvals, tax and financial support, and visa reforms to facilitate major South Korean investment projects in the United States. This appeal was made during a joint declaration at a plenary meeting of the U.S.-Korea and Korea-U.S. Business Council, hosted by the Federation of Korean Industries, attended by around 60 political and business leaders from both countries.
According to Yonhap News Agency, earlier this month, U.S. President Donald Trump revealed details of Seoul's planned $200 billion investment in the U.S., which is part of a larger $350 billion commitment agreed upon by the two countries last year. This was in exchange for reduced U.S. tariffs on South Korean goods.
The joint declaration emphasized the need for measures to mitigate trade uncertainty and reform regulations. It urged both governments to establish fast-track approval procedures and offer tax and financial incentives for companies involved in strategic investment projects. Additionally, it called for improvements in visa systems and the creation of programs to facilitate the exchange of skilled workers and enhance business travel between the two nations.
Business leaders pledged to enhance cooperation in key industries, such as semiconductors, artificial intelligence, batteries, mobility, energy, and shipbuilding. They also highlighted the necessity for government support in infrastructure development for the AI era and strengthening supply chain resilience. In the pharmaceutical and biotechnology sectors, expanded cooperation in joint research and development and supply chains was advocated.
Ryu Jin, chairman of the FKI, stated that the strategic investments agreed upon by the governments have entered the implementation phase, emphasizing the pivotal role businesses play in converting governmental cooperation frameworks into concrete outcomes. Evan Greenberg, chairman of the U.S.-Korea Business Council, reinforced the economic ties between the two countries and called for enhanced public-private cooperation to cultivate a predictable investment environment and boost bilateral business collaboration.
Notable attendees included South Korean Industry Minister Kim Jung-kwan, Foreign Minister Cho Hyun, U.S. Ambassador to South Korea Michelle Steel, and former U.S. House Speaker Kevin McCarthy.