Korea and the United States are expected to upgrade bilateral economic cooperation thanks to President Park Geun-hye’s U.S. trip earlier this May.


During the six-day trip across America, the business delegation that accompanied President Park’s envoy exchanged opinions with American business leaders and looked for ways to further develop economic cooperation between the two countries.

The most noticeable economic achievement came from business investment; leading American firms including Boeing Company, Curtiss-Wright, and Almost Heroes, promised to make investments amounting to USD 380 million in Korea at the 2013 Korea Investment Ceremony which was held on May 6 in New York, the first leg of the presidential trip.

Boeing, the world’s largest aerospace company, said that it will invest USD 20 million to build an avionics Maintenance, Repair and Overhaul (MRO) facility in Yeongcheon, Gyeongsangbuk-do (North Gyeongsang Province), and funnel an additional USD 100 million in the future. Curtiss-Wright, founded by the Wright Brothers who invented the first airplane, will inject USD 30 million to shore up capacity in Korea’s nuclear reactor valves. Almost Heroes will also invest USD 20 million in Korea for overseas marketing and animation creation.

The friendly mood for bilateral economic cooperation continued in the following itinerary of President Park’s U.S. trip: a Korea-U.S. summit between presidents, a Korea-U.S. business roundtable, a lunch meeting with business leaders from both countries in Washington, D.C. and the Leaders’ Meeting for the Creative Economy in Los Angeles.

President Park’s creative economy vision and the importance of idea-sharing were supported by attendees of the Leaders’ Meeting for the Creative Economy, including experts in science technology, finance, content development, and venture start-ups, which took place in LA on May 9.

“Establishing a consultative body to discuss and share ideas and opinions on creative economy and cooperation will be a good start for the economic cooperation between Korea and the United States,” said President Park, expressing her will to build a consultative structure involving creative economy experts from both the United States and Korea.


The common understanding to expand bilateral economic cooperation was reflected at a dinner reception on May 14 to mark the 60th anniversary of the American Chamber of Commerce (AMCHAM) in Korea, following President Park’s U.S. trip.

“We realized [through the investment ceremony in New York] that American firms that lead the world market have trust in the Korean economy and find Korea an attractive place for business,” said Minister of Trade, Industry and Energy Yoon Sang-Jick at the banquet. “American investors do not worry too much about the security condition [on the Korean Peninsula]. What really matters is the overall investment environment. The Korean government will continue to advance the business environment.”

“Today, our trade and investment ties are stronger than ever,” said AMCHAM Chairman and Boeing Korea President Pat Gaines. “American businesses have been proud partners and friends of Korean businesses and consumers.”


“Korea has a remarkable development story, and the United States is thrilled to have partnered with Korea for the past 60 years to achieve shared prosperity,” said Sung Kim, America’s ambassador to Korea. “We continue to expand our cooperation in all pillars of our bilateral partnership -- security, economy, international cooperation, and people-to-people ties. We look forward to a bright future of continued mutual prosperity, and we wish AMCHAM the very best for the next 60 years and beyond.”

“The range of economic cooperation between Korea and the United States will be widened,” said Minister Yoon, mentioning the results of President Park’s U.S. visit. “I hope business circles of Korea and the United States can usher in another 60 years of hope and trust.”

LA Mayor Antonio Villaraigosa agreed to strengthen the bilateral economic cooperation between Korea and United States at a lunch meeting attended by President Park on May 9 (LA time). Mayor Villaraigosa expressed his hope for exchanges between Korea and LA at the meeting attended by 100 people, including influential figures in politics, economy, and other sectors. Governor of California Jerry Brown who was present at the meeting also said he will make effort to promote political, economic, and cultural exchanges between Korea and California and declared May 9 Korea-California Friendship Day at the meeting.

By Jeon Han, Yoon Sojung
hanjeon@korea.kr