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Remarks at the Eighth United States-Republic of Korea Joint Public-Private Economic Forum [1]

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Date: 2024-10

Remarks at the Eighth United States-Republic of Korea Joint Public-Private Economic Forum

As prepared

Good morning, distinguished guests, colleagues, and friends.

Vice Foreign Minister Kang, thank you. It’s a pleasure to see you again, and I look forward to our continued collaboration. I would also like to extend my gratitude to CSIS [Center for Strategic and International Studies] for organizing this event, Georgia Tech for hosting us here today, and all the panelists and guests who have come to participate in this discussion.

Economic ties between our two nations have never been stronger. Since President Biden took office, Korean companies, such as SK, Samsung, LG, Hyundai, and Hanwha Q-cells, have invested a remarkable $114 billion in the United States. These investments span crucial sectors, including electric vehicles, semiconductors, batteries, solar, driving innovation, strengthening supply chains, and creating over 70,000 new jobs for American and Korean workers. Most importantly, these companies recognize the excellence here in the peach state – in 2023 alone, more than half of new Korean investments in the United States were here in Georgia.

Georgia Tech has very much been part of this story. Later today, we’ll visit the 3D Systems Packaging Research Center to hear firsthand how students and professors at Georgia Tech are conducting cutting-edge research in electronic packaging. We’ll also hear from the Korean firm Absolics, which evolved out of a “lab-to-fab” partnership with Georgia Tech. Earlier this year, the U.S. Department of Commerce announced it had signed a non-binding preliminary memorandum of terms with Absolics to provide up to $75 million in direct funding under the CHIPS Act to help advance U.S. technological leadership.

Our economic and investment ties are mutually beneficial. The United States is the second-largest investor in Korea, and U.S. companies like Netflix, Amazon, and Coupang, among others, have made billions in new investments. These investments are not only driving innovation but also fortifying the economic ties between our nations. The growing links between our private sectors enable our countries to achieve stronger growth together.

Our bilateral trade has also seen impressive growth, increasing by 74 percent since the implementation of our free trade agreement in 2012. Korea is the United States’ 6th-largest trading partner, while the United States stands as Korea’s 2nd-largest. This robust trade relationship underscores the strength and depth of our economic partnership. It also matters to Americans here in Georgia, where more than 6,000 jobs are supported by exports to Korea.

As we look to the future, our focus must be on unlocking new opportunities for growth while securing the progress we have already achieved. Continuing our partnership means improving the capabilities of our industries and the livelihoods of our countries’ citizens. Together, we’re working to improve the resilience of our supply chains and safeguard our economic security.

Our collaboration through the Minerals Security Partnership (or “MSP”) is crucial for diversifying and securing global critical minerals supply chains, which are essential for the clean energy transition. The Republic of Korea (or “ROK”) assumed the chairmanship of the MSP in July and has been a tremendous partner as we tackle this issue. Just this past week, we held three big MSP events on the sidelines of the UN General Assembly in New York City, with our ROK colleagues playing an important part in all three. The ROK’s leadership and participation has proven invaluable, as has momentum from the Korean private sector – including POSCO’s latest deal to support the development of a graphite mine in Tanzania. We look forward to continuing this vital work together.

Finally, we’re working closely together in the Indo-Pacific Economic Framework for Prosperity, where the ROK has taken a leading role in preparing to respond to future supply chain disruptions.

In conclusion, as we embark on today’s discussions, I am inspired by the vision of our shared future. Our economic partnership is not just about numbers and investments; it is about building on a foundation of trust toward a resilient, innovative, and secure future for both our nations. Thank you for your dedication and hard work. I look forward to the fruitful outcomes of today’s forum.

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[1] Url: https://www.state.gov/remarks-at-the-eighth-united-states-republic-of-korea-joint-public-private-economic-forum/

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