Jin Roy Ryu, chairman of The Federation of Korean Industries (FKI), traveled to Washington, D.C., from May 14 to 16 to conduct private diplomacy by meeting with U.S. political and economic figures and think tanks. Ryu aimed to convey the views of the Korean business community and highlight the contributions of Korean companies to the U.S. economy. During his visit, Ryu held a press conference with local correspondents and met with members of the Congressional Korea Caucus to seek continued support for Korean companies. He also met with Adam S. Posen, president of the Peterson Institute for International Economics, to discuss combating protectionism and continuing cooperation in the Indo-Pacific region. In addition, Ryu met with Joshua Bolten, CEO of Business Roundtable, to discuss China policy and Korea-U.S. supply chain cooperation. He emphasized the importance of supply chain cooperation between Korean and U.S. companies and stated that Korean companies will continue to communicate with key stakeholders to protect their interests and enhance their competitiveness [2a225f09].
On May 23, former US House Speaker Kevin McCarthy met with South Korean business leaders in Seoul to discuss economic and trade issues between the two countries. The breakfast meeting, arranged by the Federation of Korean Industries, included representatives from Hyundai Motor Co., SK Group, LG Group, and Hanwha Group. The participants discussed ways to enhance bilateral economic ties, including Korea's investment in and exports to the US. McCarthy is known for his supportive stance toward South Korea and played a role in the conclusion of the Korea-US free trade agreement. He supported former President Donald Trump in the 2016 presidential election and is considered a strong candidate for Trump's chief of staff if he wins the 2024 election [f8227799].
The Federation of Korean Industries (FKI) hosted a breakfast meeting with former U.S. House Speaker Kevin McCarthy and around 20 senior executives from major Korean companies at the FKI Tower Conference Center on Thursday, May 23. The meeting aimed to discuss economic cooperation between Korea and the United States. FKI Chairman Jin Roy Ryu emphasized the economic partnership between the two countries, noting that Korean direct investment in the United States has contributed significantly to job creation. In 2023, Korea's investment in the U.S. totaled about $27.7 billion, accounting for 43.7 percent of the $63.8 billion in foreign direct investment that the U.S. attracted last year. Former Speaker McCarthy, a leading pro-Korean lawmaker, was invited as a special guest and is known for his support of the Korea-U.S. Free Trade Agreement. Many senior executives from semiconductor, automobile, securities, and K-food industries attended the meeting to communicate with McCarthy. The event provided an opportunity for the Korean business community to directly convey their opinions to an opinion leader who can play a major role in the U.S. policy-making process [23a09f7d].