Yoon touts U.S. tech partnership, secures USD5.9bn investment

  • South Korean President Yoon Suk Yeol said on Tuesday the South Korean-U.S. alliance must “leap into a new phase” to jointly overcome complex crises, including slowing economic growth, technology competition with strategic rivals and climate change.
  • Speaking a day before a Washington summit with President Joe Biden, Yoon told an event hosted by the U.S. Chamber of Commerce the bilateral security alliance should “evolve into a supply chain and future-oriented, innovative-technology alliance.”
  • He said the two countries’ economies had been facing new challenges and the economic slowdown was unsettling the investment environment.
  • Yoon said he hoped that during his visit the countries would reaffirm their status as true allies and advanced technology partners to create innovative business opportunities.
  • “Our bilateral investments need to be expanded both quantitatively and qualitatively, to build more stable and resilient supply chains.”
  • He said the two nations were the ideal partners for “friend-shoring” – a reference to a U.S.-led process of reducing dependence on China for key goods and materials although he made no mention of China by name.
  • Yoon said his government was working to create a fair and predictable market environment, offer significant tax credits and improve regulations to facilitate bold investments by U.S. companies.

External Link : https://www.reuters.com/world/yoon-says-us-south-korea-alliance-should-evolve-into-future-tech-partnership-2023-04-25/