President Yoon Suk-yeol gives a speech explaining his administration's budget proposal for next year in the National Assembly's main hall on Tuesday. The president highlighted the significance of the Seoul-Washington alliance for the economies and security of both countries at the Korea Times Forum hosted by The Korea Times on Wednesday. Yonhap

Korea Times Chairman Seung Myung-ho, distinguished guests, congratulations to The Korea Times for hosting the forum titled, "New Challenges for Korea-U.S. Alliance."

I hope today's forum can produce fruitful proposals for how the alliance can become stronger than ever before at this particular time when active debates are underway regarding the role and tasks of the Korea-US alliance.

We are now at a critical watershed moment in which the conventional international order is being forced to change. From here and there around the world, different values and ideologies are clashing. Economy and national security have become integrated, forcing global competition among countries over economic security. The rise and fall of a country hinges on its response to transnational challenges and threats, such as the health crisis, food security, climate change and energy transition.

The global supply chain is the very sector where clashes of national interest are the most evident. Solidarity and cooperation based on mutual trust will ensure the stabilization of the supply chain and, as a result, sustainable prosperity.