U.S. President Joe Biden speaks as President Yoon Suk Yeol listens on during a news conference at the People's House inside the Ministry of National Defense, Saturday. AP-Yonhap

Major business lobby groups here welcomed the agreement Saturday by South Korea and the United States to strengthen the alliance not just in the military and security areas but also in various economic areas, including global supply chains.

On Saturday, President Yoon Suk-yeol and U.S. President Joe Biden held a summit in Seoul and recognized the importance of deepening economic cooperation and energy security, and jointly promoting critical and emerging technologies.

They also committed "to cooperate closely through the Indo-Pacific Economic Framework (IPEF), a U.S. initiative to ensure secure and resilient supply chains, set the rules of the digital economy, and invest in clean, modern and high-standards infrastructure." South Korea joined the IPEF.

"Promising expansion of cooperation in the Indo-Pacific region during President Biden's first leg of his Asia trip signaled the importance of the South Korea-U.S. alliance in the Asia-Pacific area," the Federation of Korean Industries (FKI) said.

"We expect that the enhanced South Korea-U.S. alliance will strengthen Seoul's leadership in the international community and advance their shared visions of freedom, democracy and the value of a market economy," the FKI added.