외교부

Keynote Remarks by H.E. Kang Insun

Vice Minister of Foreign Affairs

The 8th ROK-US Joint Public-Private Economic Forum,

October 2nd 2024

Under Secretary Jose Fernandez,

Chairman William Reinsch of CSIS Scholl Chair,

Distinguished representatives from the governments, academia, and businesses of Korea and the U.S.,

Good morning. Thank you so much for taking your precious time to be here.

Before we begin,

I would like to express my deepest condolences to those who have been affected by Hurricane Helene. The Korean people pray for a swift recovery and reconstruction.

I am really grateful for the hard work done by the CSIS and the Korean Embassy in both Washington and Atlanta. Sincere thanks for everything you have done to arrange this meaningful event.

This is the 8th ROK-US Joint Public-Private Economic Forum, and over the last 8 years the forum has evolved into an important annual platform where our governments, academia, and industries come together to find ways to expand economic opportunities for the two countries.

And this is the first time that we’re holding this forum outside the two capital cities.

We chose Atlanta, Georgia as the venue,

because Georgia is not just a major destination for Korean investments in the U.S, but it represents the future of our longstanding alliance, partnership and friendship.

And that future is directly related to the two themes of today’s forum - enhancing supply chain resilience for critical and emerging technologies; and advancing clean energy transition.

I think it is no coincidence that these are the very two main subjects Undersecretary Fernandez and I planned to discuss this afternoon during the Senior Economic Dialogue.

Our cooperation on critical and emerging technologies and clean energy transition will define the future of our two countries. Not only that, but it will also have the power to shape the geo-economic landscape of the Indo-Pacific.

So I want to first lay out what the two countries have been doing, and then I would like to offer some thoughts on what we try to do together for our future, especially from Korea’s perspective.

First, our collaboration on critical and emerging technologiesin sectors such as biotechnology, batteries, semiconductors, the digital economy and clean energy is very significant.

Such ties of cooperation play a crucial role in promoting economic prosperity, and also in strengthening national security of both countries. It serves to advance innovation and resiliency of supply chains on a global level, too.

Today, a nation's security, economy, and geopolitical future are now largely determined by its access to, and use of, critical and emerging technologies.

The ROK-US alliance is reflecting these new trends. The alliance began as a military and security partnership 70 years ago. Now, it has evolved into one that includes advanced technologies and supply chains.

The two Presidents agreed to hold the「ROK-US Next Generation Critical and Emerging Technologies Dialogue」during their Summit last year. They agreed to expand the scope of our cooperation to various fronts.

So we’re now consulting each other constantly on all imaginable cutting-edge technologies like ICT, Bio, AI, space and even quantum. We are engaging in joint research, and working together to build international technology standards.

We are also expanding the scope and depth of our cooperation with like-minded partners. This makes our work all the more meaningful.

Following the agreements from last year's Camp DavidSummit, Korea, the U.S., and Japan have been closely working together. And we have been joining hands for economic security and technological advancements.

And last March, we had a trilateral dialogue with India. The focus was on critical and emerging technologies. This happens to be the very first trilateral dialogue among the three countries, and it demonstrates great promise of what we can do together with other partners and like-minded countries.

We are also taking the lead globally in technological cooperation and establishing international standards in the sector.

Korea, with valuable support from the US, successfully hosted the「AI Summit」in May and the「REAIM High-Level Meeting」in September this year.  These are just a few of many cases that we are working together as global rule-makers in the emerging technology field.

Next, I would like to talk about our concerted efforts for the clean energy transition.

The progress in the clean energy sector we have achieved together has been remarkable.

The Inflation Reduction Act has opened new doors. Since the implementation of the IRA, Korea has become the largest investor in the U.S. clean energy industry.

Hyundai’s EV plant in Savannah. Hanhwa Qcell’s solar cell plant in Dalton. SK and LG’s battery plants in Commerce and Savannah. These are shining instances.

This partnership is crucial in enabling both countries to achieve their 2050 carbon neutrality goals while securing stronger and more resilient supply chains. It will be beneficial not only for two countries but for the world as a whole.

So this partnership extends to our like-minded countries as well. The Minerals Security Partnership (MSP) is a prime example - it contributes to building a reliable supply chain of critical minerals essential to the clean energy transition.

As the Chair of the MSP this year, I was in New York last week with Undersecretary Fernandez. I was honored to preside over the MSP Principals’ Meeting and to participate in the MSP Forum.

And as we reviewed and discussed in depth MSP projects, I clearly sensed the enormous potential. I was inspired to think of what we could do together in strengthening the supply chain of critical minerals and beyond.

I look forward to promoting closer communication and cooperation with other member countries. I trust we can yield meaningful achievements.

My President Yoon Suk Yeol also proposed the Carbon-Free Energy (CFE) Initiative to the international community. This aims to promote decarbonization by utilizing various carbon-free energy sources. With the Carbon Free Alliance at the forefront as the implementing body, we will foster international collaboration and engagement with this initiative. And just yesterday, the CFE Global Working Group to discuss carbon-free certification and global standards was officially launched.

So I kindly ask all of you to look into this initiative. I hope you can encourage more countries and companies to join it.

There is another inspiring development.

Next year Korea will assume the APEC chairmanship for the first time in 20 years. We will try to further develop on the achievements of previous chairs, especially the US. Major goals for Korea will be enhancing regional connectivity, stabilizing supply chains in the region, and of course addressing energy problems and climate change.

Distinguished Guests,

I believe I can confidently say that our alliance isin best shape – not just stronger than ever,

but more prosperous than it has ever been.

A while ago I briefly mentioned that Korea has become the largest investor in the U.S. clean energy industry.

But it’s more than that: as the Financial Times reported two weeks ago, for the first time in history Korea became the top investor in the US last year, in terms of total foreign direct investment.

Most Korean investments into the US are in the form of greenfield investments. This directly contributes to bringing back manufacturing and quality jobs to the US.

The total amount of Korean investments in the last three years has surpassed 100 billion dollars. And this has created more than 60 thousands jobs.

And here in Georgia, more than 140 Korean companies areemploying approximately 38 thousand people. Once construction of Hyundai's「Metaplant」is completed, an additional 8 thousands jobs are expected to be created.

And this strong trend will continue not only into next year but for many years to come. This will be true irrespective of any political or economic challenges that we might face.

This is because we are allies that share a deep belief in the fundamental values like freedom, democracy, rule of law, and human rights.

These are the common values that bonded us together for decades, and these serve as the very foundation for our alliance and partnership.

So on a final note,

I’d like to ask all of you in this roomto help our partnership grow even stronger.

Whether you are in the public sector, in business or in academia,

you are the key to our cooperation, key to our future.

Please reach out to us if you have any issues or face any difficulties or inconveniences.

We believe that strong communication and collaboration between governments and businesses are essential. And that makes today's forum even more meaningful.

So again, thank you so much for being here.

I look forward to hearing your valuable insights and ideas.

Thank you.