Industry cooperation is 'driving force' of US-Korea alliance, minister says as business councils adopt joint declaration

South Korea's Ministry of Trade, Industry and Energy Minister Kim Jung-kwan said Thursday that industrial cooperation between South Korea and the United States has become the core driving force strengthening their alliance — a shift from the past, when the alliance itself was what bolstered economic ties.

The business communities of both countries also adopted a joint declaration calling on their respective governments to expedite permit approvals and resolve visa issues to ensure the success of strategic investment projects in the United States.

The Federation of Korean Industries co-hosted the 36th Korea-US Business Council General Assembly with the US Chamber of Commerce at the FKI Tower Conference Center in Yeouido, Seoul. More than 60 senior officials, executives and experts from both countries attended.

On the Korean side, Federation of Korean Industries Chairman Ryu Jin, who serves as the Korean co-chair of the council, was joined by Minister Kim and Foreign Minister Cho Hyun, along with Samsung Electronics President Park Seung-hee and executives from major US-investing companies including SK Group, Hyundai Motor and LG Group. Hanjin Group Chairman Cho Won-tae and Youngone Group Vice Chairwoman Sung Rae-eun also attended.

Representing the US side were Evan Greenberg, chairman of Chubb Group and US co-chair of the council; US Ambassador to South Korea Michelle Steel; former House Speaker Kevin McCarthy; and Charles Freeman, senior vice president of the US Chamber of Commerce.

The gathering drew particular attention to the meaning and implementation plans of the two governments' strategic investment projects, which were announced Oct. 1.

In his keynote address, Kim said the two countries must deepen economic cooperation in areas including supply chain stabilization, AI and advanced technology innovation, and advanced manufacturing competitiveness — all grounded in shared values and mutual trust — as global trade uncertainty intensifies.

Ryu said the strategic investments agreed upon by the two governments have now entered full-scale implementation. "The companies are the ones who will turn the framework of cooperation that the government has built into real results," he said.

Greenberg called for stronger public-private coordination to ensure companies from both countries can continue investing and expanding cooperation in a predictable environment.

The joint declaration conveyed a shared message from both business communities, urging their governments to provide concrete investment support — including building a predictable, market-friendly business environment, expediting permit processing, and resolving visa issues to facilitate the movement of personnel — to ensure the success of the strategic investment projects.

The declaration also committed to strengthening public-private communication and cooperation to solidify collaboration in AI-era infrastructure and supply chains, as well as next-generation industries such as pharmaceuticals and biotech.

In a special session, former House Speaker McCarthy offered his assessment of the political atmosphere in Washington three weeks before the midterm elections and shared his outlook on US foreign policy after the vote.

Foreign Minister Cho, attending on behalf of the South Korean government, said in her keynote address that Seoul would work to ensure the alliance continues to grow as an irreplaceable economic, technological and security partnership between the two countries.