President Moon Jae-in on June 28 emphasizes the significance of the Korea-U.S. alliance and bilateral economic cooperation at the Korea-U.S. Business Summit in Washington. (Cheong Wa Dae)

By Yoon Sojung

President Moon Jae-in on June 28 in Washington emphasized the importance of both the Korean-U.S. alliance and their bilateral economic partnership.

In a business summit organized by the Korean and U.S. chambers of commerce, he said, “Both Korea and the U.S. are inseparable economic partners who have been writing a history of co-prosperity backed by their bilateral alliance.”

On economic cooperation, the president said, “Despite the worldwide economic slowdown that has seen trade volume shrink 12 percent over the last five years, bilateral trade volume expanded up to 12 percent over the same period.”

“I hope that Korea-U.S. economic cooperation can expand on the existing level of mutual trade and investment so that it can help both countries become strategic economic partners who work together to pioneer the world market.”

Explaining the policy focus of his administration on “a human-centered economy,” President Moon said, “(U.S.) President (Donald) Trump has also been also emphasizing the importance of creating decent jobs in the U.S.,” adding that both governments have the same views on job creation.

President Moon also cited "innovative growth" as another pivot of his government`s economic policy. “If the companies of both countries penetrate the global market in a strategic manner, they can find a new breakthrough for the economic development of both countries,” he said.

On North Korea, the president proposed that Pyongyang`s nuclear issue can be solved by the solid Korea-U.S. alliance. He also urged interest from South Korean and U.S. business leaders in inter-Korean cooperation projects through overcoming risks associated with the North.

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