Joseph Yun, charge d'affairs of the U.S. Embassy in Seoul and acting U.S. ambassador to Korea, on March 18 speaks on boosting the bilateral alliance and cooperation at a luncheon hosted by the American Chamber of Commerce in Korea at Four Seasons Hotel Seoul in the capital's Jongno-gu District. 

By Yoon Sojung

Photos = American Chamber of Commerce in Korea

Joseph Yun, acting U.S. ambassador to Korea and charge d'affairs of the U.S. Embassy in Seoul, on March 18 stressed the strong intent of both countries to boost bilateral economic cooperation, saying, "What we are undergoing will create new opportunities."
He was speaking on the direction of bilateral relations at a luncheon hosted by the American Chamber of Commerce in Korea (AmCham) at Four Seasons Hotel Seoul in the capital's Jongno-gu District.

Some 130 senior executives and industry leaders from both countries attended the event to hold in-depth talks on the future of the bilateral alliance and strategic economic cooperation in a rapidly evolving global landscape.

In his opening speech, AmCham Chairman James Kim said, "Korean companies have made the highest number of greenfield investments in the U.S. for two consecutive years, contributing to the creation of over 830,000 American jobs."

He also underscored his chamber's "Buy America" initiative to further enhance bilateral trade and investment collaboration.

Acting Ambassador Yun said both governments are in the process of balancing the political situation, which he called a real challenge. "I think it amounts to almost a revolution," he added. "It is a fundamental change."

"It will open a door for new opportunities," he said. "It will create enormous opportunities for AmCham and Korean or American businesses."

Removal of tariff barriers are "paramount" for resolving the growing U.S. trade deficit with Korea for both countries to open the door of opportunities, he added.

On bilateral negotiations in that regard, the diplomat said, "There are plenty of consultations going on...I'm encouraged by the level of consultations between Washington and Seoul."

Korean companies such as Lotte Chemical, Hyundai Motor and Korean Air have regional headquarters or plants in the U.S. or tie-ups with American counterparts, he added, with the Trump administration placing high importance on direct investment from Korea.

On promising strategic sectors for raising collaboration between both sides, the official said bilateral cooperation needs expansion to more sectors such as shipbuilding, aircraft maintenance, repair and overhaul, and new technologies.

Turning to Korea's recent inclusion on the list of the Sensitive and Other Designated Countries List of the U.S. Department of Energy, he said, "It is not a big deal. The sensitive country list is confined to Department of Energy laboratories," adding, "We are safe and everything is okay."

Acting Ambassador Yun assumed his post in January by replacing Philip Goldberg, who returned to the U.S. after completing his service following the election of U.S. President Donald Trump.

Joseph Yun (right), acting U.S. ambassador to Korea and charge d'affairs of the U.S. Embassy in Seoul, and AmCham Chairman James Kim on March 18 hold a discussion at a luncheon hosted by the American Chamber of Commerce in Korea at Four Seasons Hotel Seoul in the city's Jongno-gu District.

arete@korea.kr