SEOUL: Deputy Prime Minister and Finance Minister Koo Yun-cheol lays out South Korea’s growth strategy for US business leaders in Seoul Wednesday, pitching the country’s manufacturing and technology base as an opportunity for deeper investment and artificial intelligence (AI) cooperation while pledging continued financial-market reforms.
The luncheon event, hosted by the American Chamber of Commerce (Amcham) in South Korea, brought together 150 government officials and executives from South Korean and international companies.
It followed a financial sector policy report that Amcham submitted to the government earlier this year and marked the latest policy dialogue between the government and foreign businesses in South Korea.
“Any company that invests in South Korea is a South Korean company,” Koo said, thanking Amcham members for their investment and job creation over the past seven decades.
Koo also reiterated the government’s “3-4-5 vision” of raising South Korea’s potential growth rate to 3%, becoming one of the world’s four largest exporters and lifting per capita income to US$50,000, with semiconductors, AI data centres and physical AI at the centre of its growth strategy.
He highlighted ongoing capital and foreign exchange market reforms to improve market accessibility for global investors.
On foreign exchange, Koo reiterated plans announced in July to internationalise the won, following the transition to 24-hour foreign exchange trading on July 6 and ahead of the launch of an offshore won settlement system in January.
He said the government had “actively reflected” recommendations in Amcham’s financial hub report, including a request to raise reporting thresholds for foreign currency borrowing by foreign bank branches and limits on corporate cash pooling from US$50mil to at least US$100mil.
The changes were largely outlined in the government’s July roadmap.
Amcham chairman and chief executive officer James Kim said the group heard a consistent message during meetings with US officials in Washington last month that the next phase of South Korea-United States economic ties must focus on “tangible investment in strategic sectors, deep technology cooperation and greater regulatory alignment”, particularly in the digital economy.
Koo placed particular emphasis on AI, arguing that South Korea could gain an edge as competition shifts toward physical AI by combining US strengths in software with South Korea’s manufacturing base.
“The United States is the world’s leader in AI-related software and large language models. For that technology to be applied in the real world, it needs to be combined with manufacturing capabilities,” said Koo.
He cited shipbuilding, steel and petrochemicals as industries where such cooperation could generate greater value, describing the United States as South Korea’s most important partner in the AI transition.
The discussion also turned to implementation of the US$350bil South Korea-United States strategic investment framework. — The Korea Herald/ANN
