Seoul: The trade minister met with the Japanese ambassador to South Korea on Thursday and discussed ways to strengthen the countries' economic partnership amid growing uncertainties in the global trade environment, officials said. Trade Minister Yeo Han-koo met with Ambassador Koichi Mizushima in Seoul earlier in the day, as President Lee Jae Myung prepares to visit Japan to hold his first summit talks with Japanese Prime Minister Shigeru Ishiba next Saturday.
According to Yonhap News Agency, Yeo emphasized the importance of enhancing practical economic cooperation between South Korea and Japan, as the two countries commemorate 60 years since the normalization of diplomatic relations. The minister proposed collaborative efforts to stabilize supply chains and address trade-related challenges in areas such as artificial intelligence and climate change.
Yeo also suggested fostering communication between the two countries' overseas missions and trade promotion agencies to ensure the successful hosting of the Asia Pacific Economic Cooperation summit in South Korea, and the Osaka Kansai Expo in Japan this year. Separately, Yeo engaged in a meeting with visiting U.S. Representatives Richard McCormick and Beth Van Duyne, aiming to secure a stable trade environment.
The discussions centered on enhancing economic cooperation amid uncertainties following a recent tariff agreement between Seoul and Washington. The minister sought their support, highlighting significant South Korean investments in their home states, covering sectors like chips, energy, and automobiles. Yeo urged them to focus on creating a stable environment for Korean companies to trade and invest, as many areas still require negotiation between interested parties.
Samsung Electronics is progressing on a new semiconductor manufacturing facility in Taylor, Texas, while Hyundai Motor Group is developing a new electric vehicle plant in Georgia. Additionally, Hyundai is partnering with Korean battery maker SK On to construct a battery plant there, supplementing SK On's two existing battery plants in the state.