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S.Korea, US discuss economic security cooperation at annual forum

IANS | December 07, 2023 03:03 PM

SEOUL: South Korea and the US on Thursday discussed ways to boost cooperation in advanced digital and green technologies such as semiconductors and batteries, as part of efforts to promote economic security and prosperity, Seoul's Foreign Ministry said.

The discussions took place during an annual joint public-private economic forum, co-hosted by South Korea's Foreign Ministry and the US State Department, as the two countries sought to explore ways to further deepen the cooperation in a range of sectors that are emerging as key future growth engines, Yonhap news agency reported.

Kang Jae-kwon, Deputy Foreign Minister For Economic Affairs, cited chips, batteries and electric vehicles as core industries that will drive the economies of the two countries, pointing out that they are also vital to national security and green transformation.

Kang stressed that South Korea will continue to cooperate with the US in this vein, amid the reshaping of and disturbance in the global supply chains and technological innovation, the Ministry said.

Jose Fernandez, US Under Secretary of State for Economic Growth, Energy, and the Environment, noted that increasing investments in each other's markets have helped create more than 70, 000 new jobs in both countries together, as well as strengthening core supply chains.

The participants agreed on the importance of brisk communication between the public and private sectors of the two countries as a way to better respond to common global challenges.

They also expressed expectation that the mutually beneficial Korea-US free trade agreement should be developed into one that better reflects the new environment and the needs of the present time.

More than 100 government, academic and diplomatic personnel attended Thursday's forum, the Ministry said.

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