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| Korea Enterprises Federation (KEF) Chairman Sohn Kyung-shik, left, shakes hand with U.S. Heritage Foundation Chairman Kevin Roberts at the foundation in Washington, D.C., Wednesday (local time). Courtesy of KEF |
By Lee Kyung-min
Korea Enterprises Federation (KEF) Chairman Sohn Kyung-shik met with U.S. Heritage Foundation Chairman Kevin Roberts to strengthen economic cooperation, the Korean organization said Thursday.
The economic policy directives of the incoming Yoon Suk-yeol administration share the philosophy and principles long enriched and upheld by the conservative U.S. think tank, defined by the critical role of the free market and deregulation, Sohn noted, a strong connection he said should advance efforts to expedite the launch of a Korean version of the foundation.
"The role of private-led policy research institutes such as the Heritage Foundation is pivotal to establishing mid- to long-term national growth strategies encompassing politics, economy, diplomacy and civil society," Sohn said during a meeting with Roberts at the foundation in Washington D.C., Wednesday (local time).
Expectations are high that the new administration will help create a business-friendly environment and improve management-labor relations, two issues that can be better navigated with closer cooperation between the Korean organization and the right-wing U.S. foundation, Sohn added.
"Free business activities and regulatory reforms long pursued by the Heritage Foundation have many similarities to Korea's new policy directives. The KEF representing the voices of management and businesses will continue to maintain close communications with the government and the National Assembly to lead the legislative drive concerning business-friendly policies and regulatory reforms," he said.
Risks from heightening global uncertainties in trade and financial market volatilities in his view can and will be lowered via robust Korea-U.S. ties.
Business conditions are deteriorating rapidly, crippled by global supply chain disruptions and the Russian invasion of Ukraine, with key commodity prices soaring. However, the slew of risk factors will be weathered with a strong Korea-U.S. alliance and the Korea-U.S. Free Trade Agreement, as well as expansion of public and private investments and personnel exchanges in the areas of digitalization and climate change, Sohn added.
"We hope the Heritage Foundation would contribute to promoting productive bilateral relationships and expanding economic cooperation."
Sohn left for the U.S. for a 10-day trip, April 8. He will meet with Peter Robinson, president and CEO of the United States Council for International Business (USCIB), a New York-headquartered policy advocacy and trade services organization.
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