South Korea seeks close supply chain ties with US regardless of election outcome

Seoul: South Korea will continue to pursue close supply chain cooperation with the United States regardless of the outcome of the upcoming US presidential election, the trade minister said on Tuesday.

Trade Minister Cheong In-kyo made the statement during a meeting with experts to prepare for the outcome of the US election, slated for November 5 (US time), according to the Ministry of Trade, Industry and Energy.

“Regardless of the election outcome, South Korea will work to strengthen ties with Washington in areas such as cutting-edge industries and supply chains, leveraging the existing channels of cooperation,” Cheong said, reports Yonhap news agency.

“The trade authorities will also fulfill their duty to assist South Korean companies in easing uncertainties and overcoming challenges in their operations,” Cheong added, emphasising that the U.S. is a “very important” ally in terms of exports and investment.

During the meeting, Heo Yoon, a professor at Seoul’s Sogang University, noted that regardless of the result, the U.S. is expected to continue prioritizing its national interests, underscoring the importance of coordination between the government and the private sector.

The ministry said that the government will maintain close communication with businesses to prepare for uncertainties in the trade sector as “one team” following the election.

The United States’ planned restriction of investment in key technology sectors in China is expected to have a limited impact on the South Korean economy, but Seoul will closely analyse the measure and devise responses if necessary, the finance ministry said on Tuesday.

“Given the details of the new rules, their direct impact on our economy is projected to be limited. But the government will maintain close communications with experts and businesses at home, analyse potential impacts thoroughly and actively seek responses,” the finance ministry said in a release.

US persons or entities are subject to the new rules, and the US identifies China, along with the special administrative regions of Hong Kong and Macao, as “a country of concern” subject to the measure, according to the US government.

–IANS