A total of 122 Korean business leaders, including the heads of major business groups, are accompanying President Yoon Suk Yeol on his state visit to the United States hoping to find better business opportunities in the world s largest economy, according to industry officials, Monday. Topping their agenda is the Inflation Reduction Act (IRA), the CHIPS and Science Act and other regulations enacted by the Biden administration as the U.S. has been trying to restructure global supply chains by excluding China, which is Korea s largest trading partner.
The Federation of Korean Industries (FKI) succeeded in bridging Korea-Japan economic ties by hosting a meeting between major business conglomerates in the two countries last week. The heads of four major Korean conglomerates, including Samsung Electronics Chairman Lee Jae-yong, took part in the FKI event, which signaled a resumption in the role of the business lobby group after it was embroiled in a national corruption scandal seven years ago that put former President Park Geun-hye behind bars, prompting major conglomerates to withdraw their memberships.
Japan s largest business lobby recently released a report it says shows the benefits that can come from allowing people to take on secondary employment, with the arrangement delivering a happier and more productive workforce while addressing some of the nation s demographic challenges.
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