Good morning, distinguished guests, ladies and gentlemen. I am Inol Lee, the Executive Vice Chairman of the Korea International Trade Association. I am delighted to host this important event alongside the Ministry of Trade, Industry, and Energy of the Republic of Korea, the Korea Society, and the Korean Chamber of Commerce and Industry in the United States.
First and foremost, I would like to express my deepest gratitude to President Thomas B. of the Korea Society and Korean Trade Minister Joho for joining us today. My thanks also go to all the distinguished guests for taking the time to attend today's event.
Today's event occurs at a pivotal moment in Korea-U.S. relations, particularly with the upcoming presidential election in the United States. Korean companies are closely monitoring the situation, considering all possible outcomes, as the U.S. remains Korea's top investment destination and a key trading partner. The interest in this election is higher than ever due to its potential to influence U.S. economic and security policies.
At the same time, Korea-U.S. economic ties are stronger than ever. What began as a military and security alliance has evolved into a comprehensive partnership that encompasses economic and technological cooperation. The bilateral trade between our two countries continues to grow, driven by the Korea-U.S. Free Trade Agreement (KORUS FTA). The trade volume between our two nations has increased in a few key areas.
First, it is crucial that the support provided under relevant U.S. acts, such as the Inflation Reduction Act, continues, allowing Korean companies to contribute effectively to U.S. policy goals. Additionally, as reliable economic partners, Korean companies should receive consistent support from the U.S. government, ensuring successful establishment and operation in the country. This includes favorable handling of import quotas and tariffs on key raw materials and intermediary goods from Korea, which are essential for production and construction of new factories.
Furthermore, facilitating the visa process for highly skilled Korean workers, who are vital to the operation of new facilities, would provide significant relief to many Korean companies. The relationship between Korea and the United States stands as a success story of mutual prosperity, admired by the international community, and I expect it to continue in the future.
As I conclude, I hope today's event serves as a meaningful opportunity to reflect on and strengthen the economic partnership between our two nations. Thank you.
Good morning, everyone. It is my pleasure to welcome you all to this special panel discussion on U.S.-Korea economic cooperation and the potential impact of the upcoming U.S. election. As we review the progress of U.S.-Korea relations, it's important to recognize the evolution of our economic cooperation, which has grown from reliance after the Korean War into a dynamic and mutually beneficial trade relationship. This culminated in the KORUS FTA, which was implemented in 2012.
Today, South Korea is not only one of the United States' largest trading partners but also an increasingly important source of foreign direct investment, particularly in strategic industries such as green energy, semiconductors, and electric vehicle batteries. Beyond economic cooperation, Korea's soft power is making a significant mark in the U.S., from cultural industries to the K-food market, further solidifying the strong ties between our people.
In this context, we are proud to co-host today's discussion with the Korea Chamber of Commerce in the U.S. and South Korea's Ministry of Trade, Industry, and Energy. These organizations have played key roles in strengthening the robust trade and investment relationship between the U.S. and Korea. The Korea Society is honored to collaborate on this event, especially in light of the shifting trade and investment landscape amid geopolitical sensitivities surrounding the U.S. election in November.
Now, it is more important than ever that we maintain a strong alliance with key partners, including South Korea, to ensure stability and order in this uncertain era. Let me now introduce His Excellency, Trade Minister Ino Chun, who will deliver congratulatory remarks.
Dr. Chun has served as Trade Minister since January 2024 and brings over 20 years of expertise in trade and commerce. He has held policy advisory roles in the presidential office, National Assembly, and academia, further establishing his leadership in trade policy. Without further ado, please join me in welcoming His Excellency, Trade Minister Ino Chun.
Good morning. I am the Minister for Trade of Korea, and it is a great pleasure to meet you all. Today’s event at the Korea Society in New York is of true significance for our unwavering alliance and strong economic ties between Korea and the U.S. I would like to express my gratitude to Mr. Leo, Executive Vice Chairman of the Korea Society, President Thomas J. B., and all the staff members for preparing this event.
As you are well aware, the U.S. is Korea's most important economic and trading partner. Our bilateral trade and investment relations have made significant progress since the implementation of the KORUS FTA in 2012. As of 2023, the U.S. stands as Korea's top investment destination and second-largest trading partner. Korean companies are making massive investments in cutting-edge sectors in the U.S., such as semiconductors and batteries, thereby expanding our traditional security alliance into a high-tech supply chain alliance.
The Korean government is also striving to foster industrial and economic cooperation based on the strong will of our leaders for collaboration. The Korea-U.S. Supply Chain and Commercial Dialogue (SCCD) was launched last year to facilitate collaboration in supply chains and cutting-edge industries. Additionally, we are working to create a fair and free trade environment between our countries through the KORUS FTA joint committee.
Through close communications with the U.S. Congress, the Korean government is making efforts to address the needs and challenges of Korean companies operating in the U.S. At the same time, we are closely monitoring U.S. political decisions and administrative measures that may impact the Korean economy.
Esteemed guests, your presence at this event provides a valuable opportunity to create new and innovative business partnerships and elevate the Korea-U.S. alliance to even greater heights. I look forward to constructive discussions today on our common vision, focusing on cooperation rather than uncertainties. The Ministry of Trade, Industry, and Energy will spare no effort to usher in a bright future. Thank you.