1. As part of measures to follow up on the ROK-US summit meeting in June this year, the Ministry of Foreign Affairs, together with the Korea Institute for International Economic Policy (KIEP), held the 1st ROK-US Joint Public-Private Economic Forum on October 23. At the forum, the two sides reviewed the progress in economic cooperation between the two countries, and listened to opinions of the private sector on ways to enhance economic cooperation between the two countries in the empowerment of women and the Fourth Industrial Revolution.

o The forum took place as the leaders of the ROK and the US, in their last summit meeting, agreed to continue to work together to increase economic opportunities through public-private forums. The forum was successfully held, with about 200 people -- the diplomatic corps in the ROK, people from the media, businessmen in the ROK, and academics -- in attendance.

2. The opening ceremony started with opening remarks by Vice Foreign Minister Cho Hyun, which were followed by congratulatory remarks by Chargé d’Affaires at the US Embassy in Seoul Marc Knapper, and welcome remarks by KIEP President Hyun Jung-taik.

o Vice Minister Cho stressed that it is time for the ROK-US relations to go beyond a military and economic alliance and expand to include cooperation in a range of other areas, including ICT, science and technology, public health, and energy. He also emphasized that the empowerment of women, one of the themes of the forum, is an area of interest which both countries consider a policy priority, and that to respond to the Fourth Industrial Revolution, comprehensive discussions in which the public and private sectors, academia and civil society participate are necessary.

o Chargé d’Affaires Marc Knapper said that the ROK-US alliance is making strong progress in four areas -- military alliance, bond between people, global cooperation, and trade and economic relations, including FTA -- and stressed that the ROK-US alliance is stronger than ever, and especially the US commitment to the ROK’s security remains firm.

o KIEP President Hyun Jung-taik said that the forum was an opportunity to discuss women and the Fourth Industrial Revolution, which are issues that need to be dealt with to respond to middle- and long-term changes in the world economy, and expressed hope that the forum will become a precious opportunity for the two countries’ mutual development.

3. Major remarks at each session are as follows.

o At Session 1 on economic cooperation between the ROK and the US, Director-General for Bilateral Economic Affairs of the Foreign Ministry Yun Seong-deok said that the ROK and the US are important partners that share more than fifty years of history, and offered to work together to enhance mutually-beneficial economic cooperation in a range of areas, including the Fourth Industrial Revolution, women’s capabilities, energy and space cooperation.

o At Session 2 on women’s empowerment, participants stressed the need for changes in working environments and cultural awareness, and more funding for businesswomen, and hoped that the forum will lay the foundation for discussions between the two countries on issues related to businesswomen.

o At Session 3 on the Fourth Industrial Revolution, participants discussed what changes the Fourth Industrial Revolution will bring, and agreed on the need to minimize side effects through various efforts and to pursue cooperation between the two countries to do so.

4. Drawing upon the results of the discussions at the forum, the Foreign Ministry will continue to expand the horizons of economic diplomacy into areas beneficial for both countries, including strengthening the role of women, the Fourth Industrial Revolution, space, and energy, and continue related discussions through high-level economic consultations between the two countries’ diplomatic authorities.


* unofficial translation