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| President Moon Jae-in listens to a speech during a business summit organized by Korea and the U.S.' chambers of commerce at the International Hall of Flags in Washington, D.C., Wednesday. / Yonhap |
By Kim Rahn
WASHINGTON, D.C. ― President Moon Jae-in said Thursday that he hopes South Korea and the United States will become "strategic economic partners" to pioneer the global market by combining their strengths.
In the Business Summit organized by the two countries' chambers of commerce, he also said if the two allies can resolve North Korea's nuclear issue and realize peace on the Korean Peninsula, American companies will be able to invest in South Korea and furthermore in North Korea.
Moon said economic cooperation between the two nations can go beyond merely expanding bilateral trade and investment and develop into a strategic economic partnership, saying the strong points of the two countries' businesses can be combined to produce new products and services.
"I and my government will provide full support so businesspeople of the two nations can come up with a new growth engine," said Moon, who arrived here on the day for his summit with U.S. President Donald Trump, scheduled for Friday.
The President said the two nations' alliance used to focus on security in the past but has been expanded and solidified through economic cooperation, adding it will grow further to include other sectors.
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He said peace on the peninsula can bring new opportunities for the business communities of the two nations, citing a survey by the Korea Chamber of Commerce and Industry (KCCI) which showed many Korean companies view North Korea as a new opportunity for growth.
"But peace on the peninsula is the prerequisite to it, and the North's nuclear issue should be addressed first. The government will try to resolve it based on a strong South Korea-U.S. alliance," Moon said. "During the process of realizing my plan, you'll be able to invest in South Korea without concerns, and even in North Korea."
Moon also introduced his economic policies to American businesspeople, saying the focus is on correcting unfair market order and increasing quality jobs to relieve economic polarization.
At the summit, the KCCI announced the 52 companies participating in the event would invest $12.8 billion in the U.S. in the next five years for building or expanding factories and investing in R&D.
Of about 250 businesspeople and politicians who participated in the event, the participants from Korea included KCCI Chairman Park Yong-maan; Samsung Electronics Vice Chairman Kwon Oh-hyun; Hyundai Motor Vice Chairman Chung Eui-sun; SK Group Chairman Chey Tae-won; LG Group Vice Chairman Koo Bon-joon; and Federation of Korean Trade Unions head Kim Ju-young.
Those from the U.S. included Thomas Donohue, president and CEO of the U.S. Chamber of Commerce; Myron Brilliant, executive vice president at the chamber; Tami Overby, senior vice president for Asia at the chamber; Paul Jacobs, chairman of the U.S.-Korea Business Council; and Jamie Daimon, CEO of JPMorgan.
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