'If first project yields good model, ties can advance more smoothly across many more areas'

Special forum hosted by AmCham Korea

Prime Minister Han Seong-sook delivers remarks at a special forum hosted by the American Chamber of Commerce in Korea at the Shilla Hotel in Jung-gu, Seoul, on Friday. [Yonhap]
Prime Minister Han Seong-sook delivers remarks at a special forum hosted by the American Chamber of Commerce in Korea at the Shilla Hotel in Jung-gu, Seoul, on Friday. [Yonhap]

Prime Minister Han Seong-sook said Friday that discussions on implementing South Korea's $350 billion investment commitment to the United States must ensure "practical benefits for both countries while maintaining commercial rationality — not just serving the interests of one side."

Han made the remarks during a conversation at a special forum hosted by the American Chamber of Commerce in Korea at the Shilla Hotel in Seoul. She was responding to AmCham Korea President and CEO James Kim, who said "concerns have been raised by American stakeholders about Korea's commitments" and that "nothing concrete is visible yet."

Han said she had been briefed that discussions on how to secure adequate returns on the investments were proceeding smoothly. "I believe things are moving along well between the relevant authorities," she added.

"If the first project yields a good model, I think the relationship can develop far more smoothly across many more areas going forward," she said.

Han also pushed back on Kim's observation that "some American stakeholders perceive there may be discrimination against US companies in the digital sector." "We do not discriminate against companies based on their nationality," she said.

The remarks were seen as Han reaffirming the government's consistent position in response to concerns from some US quarters over the regulation of Coupang Inc.

"Companies do what companies do, and the government does what the government does," Han said. "If companies have concerns about discrimination in that process, the government has a responsibility to explain its position clearly," she added.

Han doubled down on the point, citing two examples: a US company filing a complaint against Naver with the Fair Trade Commission during her tenure there, resulting in a fine, and a recent case in which a domestic telecommunications firm was sanctioned over a personal data breach. "I can say with certainty that we absolutely do not discriminate against companies based on nationality," she said.

Han said the two countries were "at a moment when strategic cooperation must translate into results," adding that South Korea and the United States had become partners in building industries and supply chains together across semiconductors, shipbuilding, energy, advanced technology and manufacturing.

She said work was fully under way on strategic investment projects under the Korea-US Strategic Investment Special Act, and that tariff and trade issues were being managed through close consultations.

"The government believes the role of business leaders is critically important in building a sustainable cooperation model — one that can turn this collaboration into new investment and industrial jobs," she said.

Han said South Korea and the United States had "grown together over the past 70 years on the foundation of firm trust," and called for advancing that partnership "to a new stage of jointly building AI, advanced industries, strategic sectors and future technologies."

"When the two countries combine and cooperate, I believe we can together create new opportunities to lead global markets in advanced industries — including better AI, semiconductors, biotech and future mobility," she said.


oskymoon@heraldcorp.com