▲ Deputy Prime Minister and Minister of Economy and Finance Koo Yun-cheol (left) and AMCHAM Chairman and CEO James Kim (right) hold a discussion during a meeting held at the Grand Hyatt Seoul hotel in Yongsan-gu, Seoul, on the 19th.
Deputy Prime Minister and Minister of Economy and Finance Koo Yun-cheol has mentioned the "energy sector" as a candidate for the first project of the $350 billion US investment initiative.
Speaking at a luncheon meeting hosted by the American Chamber of Commerce in Korea (AMCHAM) at the Grand Hyatt Seoul hotel in Yongsan-gu, Seoul, on the 19th, Deputy Prime Minister Koo stated, "We are currently discussing investments, and there seems to be a high level of interest in the energy sector."
He forecasted, "The reason the US is interested is because energy must be resolved to move into the artificial intelligence (AI) era," adding, "If South Korea's exceptional engineering capabilities are combined with US know-how, it will be a win-win for both sides."
Deputy Prime Minister Koo noted, "The shipbuilding sector will also be one of the largest areas of cooperation, with $350 billion allocated from the US," and mentioned that "biotechnology, supply chains, critical minerals, and AI are also important areas of cooperation."
Emphasizing that "discussions are proceeding step-by-step with the US government in areas where win-win outcomes are possible," he stressed, "Without intentionally delaying or slowing things down, we will select projects as soon as possible that can benefit both the US and South Korea, and prepare to move forward into the future."
Deputy Prime Minister Koo noted that with the official launch of the Korea-US Strategic Investment Corporation (KUIC) last June, an institutional foundation for implementing investments has been established, emphasizing that it is important for the private sectors of both countries to jointly discover projects featuring business viability and mutual benefits.
This event was arranged as a follow-up policy dialogue to the special report titled "Korea Financial Hub Promotion Strategy" delivered by AMCHAM to the South Korean government last April. Major agendas included the implementation of South Korea-US strategic investments, ways to cooperate in AI, and the role of US companies in supporting the enhancement of the South Korean economy's competitiveness.
AMCHAM Chairman and CEO James Kim said, "The growth of Samsung Electronics and SK hynix vividly demonstrates the transformation achieved by the South Korean economy, and now is the golden time for South Korea to leap forward as a global financial and business hub leading investment and innovation."
He further emphasized, "Through AMCHAM's recently concluded 'Washington Doorkong,' we confirmed the consistent message that the next phase of South Korea-US economic cooperation must be built upon practical investments in strategic industries, close technological cooperation, and regulatory harmonization, particularly in the digital economy sector."
In his opening remarks, Deputy Prime Minister Koo shared South Korea's economic "3-4-5 Vision"—targeting a 3% potential growth rate, ranking among the top 4 export powerhouses, and achieving a $50,000 per capita national income—as well as the progress of capital and foreign exchange market institutional improvements.
He emphasized that the government is making capital markets a core platform for growth and overhauling systems to meet global standards, explaining the amendment of the Commercial Act and the phased inclusion in the World Government Bond Index.
In particular, following the announcement of the "Won Internationalization Roadmap" and the transition of the foreign exchange market to a 24-hour operation system last July, he stated plans to officially launch an offshore won settlement system next January and significantly ease foreign exchange regulations.
He also added that, reflecting suggestions from AMCHAM's special report on the "Korea Financial Hub Promotion Strategy," the reporting standards for foreign bank branches' foreign currency borrowings and the fund integration management limit will be raised from the existing $50 million to at least $100 million or more.
Deputy Prime Minister Koo requested, "US companies, please pay attention to South Korean venture companies," adding, "If US asset management companies and others invest in them this opportunity, the future investment performance will be very high."
He also stated, "Because South Korea's ecosystem is better prepared than any other country, we must pay attention to South Korea regarding the AI era," and added, "The government will do its utmost so that a perception takes root: the later you enter South Korea, the more you lose."
He further noted, "South Korea is a land of opportunity and does not discriminate against foreign companies," adding, "(Foreign) companies that invest in South Korea are South Korean companies."
(Photo: Provided by AMCHAM, Yonhap News)
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