South Korea said that it has drawn US$1.6 billion in potential investment from the United States as a result of a high-profile forum in Washington, D.C.
The event came as part of efforts to ride on the South Korea-US free trade agreement (FTA) that went into effect in March, according to South Korea’s news agency (Yonhap).
“So far, trade relations between South Korea and the United States have focused on trade. We organized this event to expand investment ties,” South Korean Knowledge Economy Minister Hong Suk-woo told reporters. His ministry handles trade, energy and industry affairs.
Other participants included Wendy Cutler, assistant US trade representative for Japan, Korea and APEC, Sohn Kyung-shik, chairman and CEO of the Korean Chamber of Commerce and Industry, and his American counterpart, Thomas J. Donohue.
On the sidelines of the US-Korea Investment and Trade Cooperation Forum, business leaders from the two nations discussed possible investment opportunities.
It produced $160 million worth of tentative deals, officials said.