Lee Calls for Increased U.S. Investment in South Korea

President Lee Jae-myung urged Evan Greenberg, chair of the U.S.-Korea Business Council (USKBC), on October 15 to actively seek new investment and business opportunities that would expand both South Korean investments in the U.S. and American investments in South Korea.

During a meeting at the Blue House, President Lee discussed ways to strengthen trade relations and economic cooperation between the two countries. Former U.S. House Speaker Kevin McCarthy, who delivered a special address at the USKBC plenary session, also attended the meeting.

President Lee acknowledged the contributions of Greenberg's father, Maurice Greenberg, a Korean War veteran and former chair of the USKBC, to the development of U.S.-South Korea relations. He expressed gratitude for the family's longstanding ties to Korea.

President Lee assessed that the two nations are evolving into a comprehensive strategic alliance that encompasses economic and advanced technology cooperation, built on a solid security partnership. He expressed hope that, just as the U.S. has contributed to South Korea's economic development, South Korea can also play a role in the U.S. industrial advancement.

He emphasized the need for active two-way investment to ensure sustainable economic cooperation. He requested that Greenberg and the USKBC actively seek new investment and business opportunities in South Korea to facilitate increased American investment.

President Lee highlighted the defense industry as a sector with significant cooperation potential. He noted that while South Korea is a small country, it has grown rapidly and is focused on investing in human resources and technology, hoping for complementary cooperation based on these characteristics.

Greenberg stated that the U.S. and South Korea are leading global growth, particularly in North America and Northeast Asia, and that a strategic investment agreement between the two countries would further strengthen their relationship.

President Lee urged the USKBC to actively communicate the importance of U.S.-South Korea economic cooperation to the U.S. government, Congress, and the business community, serving as a strong bridge to support the bilateral relationship.

The USKBC, an organization under the U.S. Chamber of Commerce, co-hosts high-level economic meetings with the Korea-U.S. Business Council (KUSBC) to enhance economic exchanges between the two countries. The plenary sessions alternate between Seoul and Washington, D.C.

Greenberg, who has served as the chair of the USKBC since last year, is also the president and CEO of the global insurance company Chubb Group. He previously worked as a trade policy and negotiation advisor during Donald Trump's first administration. His father, Maurice Greenberg, led the USKBC from 2003 to 2005.

Earlier, Foreign Minister Park Jin attended a luncheon at the 36th USKBC plenary session held at the FKI Tower in Yeouido, Seoul, where he requested U.S. business cooperation for the implementation of the joint fact sheet agreed upon by the leaders of the two countries.

Minister Park stated, "We will accelerate discussions between South Korea and the U.S. to achieve visible results in areas such as shipbuilding and nuclear energy based on the positive momentum from the fact sheet."

He also met with U.S. Senators Dave McCormick and Marilyn Strickland, who recently visited South Korea, to seek their interest and support from Congress for the implementation of the fact sheet.

U.S. Ambassador to South Korea Michelle Steel emphasized at the plenary session that "promises in the U.S.-South Korea relationship must be kept," urging that it is time to roll up sleeves and take action to advance the agreements made between President Trump and President Lee last November.

However, there remains a divergence between the U.S. and South Korea regarding the Alaska liquefied natural gas (LNG) project. President Trump claimed on his social media platform Truth Social on October 14 that South Korea agreed to invest $50 billion in the Alaska LNG project as part of a trade and investment agreement. The South Korean government has stated that participation in the Alaska LNG project has not been confirmed.

The plenary session of the USKBC was the first private sector economic meeting held since the two governments announced a strategic investment initiative on October 1. Business leaders from both countries discussed ways to connect South Korea's $350 billion investment plan in the U.S. with specific projects and outcomes.

Ryu Jin, chair of the Korea Economic Association, emphasized that "the strategic investments agreed upon by the two governments have entered the implementation phase. It is now time for businesses to take the lead, and it is the responsibility of companies to turn the framework of cooperation established by the government into tangible results."

The U.S. and South Korean business communities discussed cooperation in sectors such as semiconductors, advanced shipbuilding, bio-health, and economic security. They urged both governments to create a predictable and market-friendly investment environment and to improve visa systems for expedited project approvals and the movement of skilled personnel.

Greenberg noted that South Korea's investment plan in the U.S. includes $150 billion allocated for advanced shipbuilding and investments in other strategic industries, stating that the economic relationship between the two countries should be evaluated not only by trade volume but also by the technologies and industries developed and innovated together.