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Minister of Trade, Industry and Energy Ahn Duk-geun (right) speaks at a conference hosted by the American Chamber of Commerce in Korea, Thursday. (AmCham) |
Industry Minister Ahn Duk-geun called the US “the most important ally and rival” to South Korea on Thursday while introducing the government's key initiatives to bolster US-Korea trade and investment at a conference hosted by the American Chamber of Commerce in Korea.
“Korea is establishing a stable investment environment by implementing various regulations, such as the Korea-US Free Trade Agreement, and expanding our global network,” Ahn stated, noting the country's manufacturing and strategic location advantages.
Ahn detailed the government's proactive approach to global shifts, aiming to position Korea as a key regional base for global companies.
“We will actively respond to global changes and create opportunities to make Korea a leading hub for Asia-Pacific operations,” he said, emphasizing plans to expand the range of the free trade agreement between the two countries to cover a broader range and strengthen advanced industry partnerships through a strong US-Korea alliance.
In his welcoming remarks, AmCham Chairman & CEO James Kim said, “Minister Ahn’s thoughtful and strategic vision for the ROK-US economic collaboration has significantly contributed to the strong bilateral relationship we are seeing today. We are truly grateful for his leadership.”
Kim said US companies operating in Korea are witnessing the strengthening economic relations between the two countries. “We see a unique opportunity to position Korea as a regional headquarters in the Asia Pacific and the industry ministry has been a key partner in advancing our regional headquarters initiative.”
Ahn underscored the importance of enhancing Korea's industrial foundation to enable synergy across sectors, with a focus on collaboration between research institutes and high-tech complexes. “We will also increase our budget to support US companies with advanced technology investing in Korea,” he said.
In addressing the ongoing US-China trade conflict, Ahn emphasized the need for business flexibility. “Korea has more free trade agreements than any other nation, and we continue to expand our trading framework globally,” he noted. “Korea offers a platform to diversify and adapt in response to geopolitical risks.”
On digital trade, Ahn expressed Korea's readiness to collaborate with the US if the opportunity arises, signaling a willingness to advance in this area.
Ahn also addressed Korea’s commitment to carbon neutrality, highlighting the critical role of nuclear energy.
“Given Korea's unique climate, where extreme heat and monsoon seasons can affect solar energy, renewable sources alone are insufficient. We must develop both renewable and nuclear energy to ensure a stable power supply,” he said, reiterating the goal of achieving carbon neutrality by 2050.
Thursday’s event was attended by over 100 top executives and representatives of domestic and foreign companies including Michael B. Kim, founder and chairman of MBK Partners, Henry An, a senior partner of PwC, and Song Hyun-jong, president of SK hynix.
