South Korean President Lee Jae Myung on Thursday urged US businesses to seek new investment opportunities in South Korea, calling for stronger two-way investment between the allies.
Lee made the request during a meeting at Cheong Wa Dae with Evan Greenberg, chair of the US-Korea Business Council and CEO of Chubb Group, presidential spokesperson Kang Yu-jung said.
“South Korea and the US are developing into a future-oriented comprehensive strategic alliance encompassing the economy and advanced technologies, based on a robust security alliance,” Lee said.
He said South Korea hoped to contribute to US industrial development, just as the United States had supported South Korea’s economic growth.
Lee called on the council to help expand US investment in South Korea alongside South Korean companies’ investment in the US. He highlighted human resources, technology and the defense industry as promising areas for bilateral cooperation.
Greenberg said North America and Northeast Asia, particularly the US and South Korea, were driving global growth. The countries’ strategic investment agreement would further strengthen bilateral ties, he added.
Former US House Speaker Kevin McCarthy also attended the meeting.
The council, part of the US Chamber of Commerce, represents major US companies involved in economic cooperation with South Korea.
Earlier Thursday, the two business councils urged faster approvals, investment incentives and visa reforms for South Korean projects in the US. They also agreed to deepen cooperation in semiconductors, AI, batteries, energy and shipbuilding.
The meeting followed an agreement under which Seoul plans to invest $350 billion in the US, including $200 billion in strategic sectors, in return for lower US tariffs.
herim@heraldcorp.com