In a week-long diplomatic mission to the U.S. from October 15 to 21, Gyeonggi Province Governor Dong Yeon Kim engaged with key America...
In a week-long diplomatic mission to the U.S. from October 15 to 21, Gyeonggi Province Governor Dong Yeon Kim engaged with key American political figures through strategic “small talk.” Although often considered casual, small talk can be a powerful diplomatic tool. Governor Kim’s fluent English and engaging conversational approach opened doors with influential figures, creating a more receptive environment for dialogue and showing a sincere diplomatic commitment.
One highlight of the visit was his interview with the U.S.-based media outlet “Global Money Talk” on Sampro TV, conducted entirely in English. The session covered nine key questions, where Governor Kim shared insights on international economic trends, South Korea’s investment appeal, and his vision for the future.
Purpose of the U.S. Visit
When asked about the primary goals of his U.S. visit, Governor Kim outlined three key objectives: 1. Investment Attraction: Securing two major MOUs, Gyeonggi Province aims to welcome advanced battery testing centers and eco-friendly logistics facilities from American companies. 2. Startup Support: To promote collaboration, he attended the New York Startup Summit with 22 Korean startups, exploring partnerships with U.S. startups and venture capitalists. 3. Strengthening Partnerships: Meetings with the governors of Virginia and New York focused on potential cooperation in climate tech, bioindustry, and AI sectors.
Views on Global and U.S. Economic Trends
Addressing the current economic landscape, Governor Kim emphasized concerns around protectionism, economic nationalism, climate crisis, and geopolitical tensions, describing the overall outlook as cautious. Inflation, especially in the U.S., remains high, and while the job market is relatively stable, potential stagflation looms. The upcoming U.S. presidential election could have significant ramifications for both the U.S. and the global economy. Governor Kim also noted that China’s economy faces challenges that may hinder its projected 5% growth, with ongoing trade tensions expected to continue.
Impact of the U.S. Presidential Election on South Korea
Governor Kim believes that, regardless of the election outcome, the U.S.-South Korea alliance will strengthen. If Vice President Harris wins, Biden’s policies on renewable energy, batteries, and semiconductors are likely to gain momentum. Alternatively, a Trump victory could revive traditional industries through policies favoring tariffs and tax cuts. Governor Kim emphasized South Korea’s need to be prepared for any outcome, noting that additional preparations would be prudent if Trump were to win.
Outlook for the South Korean Economy
Governor Kim assessed South Korea’s economy as promising, especially in exports driven by the semiconductor industry. However, he pointed out that domestic consumption and investment have not fully recovered, with the general public’s economic sentiment still low—a phenomenon he calls the “trap of averages.” Drawing from his experience as Deputy Prime Minister and Minister of Economy and Finance, he advocates a policy shift towards expanding public spending in the short term, alongside structural reforms in pensions, labor, welfare, and education over the long term.
Evaluating South Korea as an Investment Destination
With conviction, Governor Kim declared that South Korea is an ideal investment destination, with strong economic foundations, advanced industries, and a thriving soft power sector. He highlighted South Korea’s global cultural impact, from the Nobel Prize-winning author, BTS, and the film “Parasite,” to the country’s high education and innovation standards, rated among the highest in the OECD.
Key Areas for Government Focus in Future Growth
To drive future growth, Governor Kim introduced the “new ABC” – Aerospace, Bio, and Climate Tech. He also stressed the need to continue supporting traditional ABC industries (AI, Battery, and Chips) to maintain global leadership. Additionally, he emphasized the importance of political reform, advocating for reduced polarization to enhance national unity and societal sustainability.
Interpretation of the AI Market Boom
Governor Kim compared AI investment to the initial cost of building railroads, explaining that while early investments are substantial, long-term returns can be profound. He noted that Gyeonggi Province plans to support the AI industry through initiatives such as establishing Asia’s largest AI computing center by 2028, creating a global AI business cluster, and founding a dedicated AI industrial bureau.
The Concept of Economic Unification Governor Kim explained that economic cooperation between North and South Korea could serve as a strategic starting point for dialogue. Despite the government’s strong stance on peace, he stressed that efforts to engage North Korea in discussions should not be abandoned. Economic unification, he argues, could gradually transition the “Korea discount” to a “Korea premium” through expanded trade, capital, technology, and human exchange.
Views on Vice President Harris’s “Opportunity Economy”
Addressing Vice President Harris’s concept of an “Opportunity Economy,” Governor Kim highlighted that the central goal of his administration in Gyeonggi Province is to create and fairly distribute opportunities. His vision includes bolstering AI and new industry infrastructure while expanding education and social safety nets, ensuring equal opportunities for all. .
Governor Kim’s latest diplomatic efforts and interview spotlight Gyeonggi Province’s economic ambitions on the international stage, laying the foundation for expanded U.S. cooperation and setting the stage for new opportunities.
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Explore More!
For more travel inspiration and information about Korea, visit the Gyeonggi Province Blog, where we share weekly articles on various topics for international visitors. Dive into the wonders of Korea and plan your next adventure with us!
https://www.gyeonggido-korea.com/
One highlight of the visit was his interview with the U.S.-based media outlet “Global Money Talk” on Sampro TV, conducted entirely in English. The session covered nine key questions, where Governor Kim shared insights on international economic trends, South Korea’s investment appeal, and his vision for the future.
When asked about the primary goals of his U.S. visit, Governor Kim outlined three key objectives: 1. Investment Attraction: Securing two major MOUs, Gyeonggi Province aims to welcome advanced battery testing centers and eco-friendly logistics facilities from American companies. 2. Startup Support: To promote collaboration, he attended the New York Startup Summit with 22 Korean startups, exploring partnerships with U.S. startups and venture capitalists. 3. Strengthening Partnerships: Meetings with the governors of Virginia and New York focused on potential cooperation in climate tech, bioindustry, and AI sectors.
Views on Global and U.S. Economic Trends
Addressing the current economic landscape, Governor Kim emphasized concerns around protectionism, economic nationalism, climate crisis, and geopolitical tensions, describing the overall outlook as cautious. Inflation, especially in the U.S., remains high, and while the job market is relatively stable, potential stagflation looms. The upcoming U.S. presidential election could have significant ramifications for both the U.S. and the global economy. Governor Kim also noted that China’s economy faces challenges that may hinder its projected 5% growth, with ongoing trade tensions expected to continue.
Impact of the U.S. Presidential Election on South Korea
Governor Kim believes that, regardless of the election outcome, the U.S.-South Korea alliance will strengthen. If Vice President Harris wins, Biden’s policies on renewable energy, batteries, and semiconductors are likely to gain momentum. Alternatively, a Trump victory could revive traditional industries through policies favoring tariffs and tax cuts. Governor Kim emphasized South Korea’s need to be prepared for any outcome, noting that additional preparations would be prudent if Trump were to win.
Governor Kim assessed South Korea’s economy as promising, especially in exports driven by the semiconductor industry. However, he pointed out that domestic consumption and investment have not fully recovered, with the general public’s economic sentiment still low—a phenomenon he calls the “trap of averages.” Drawing from his experience as Deputy Prime Minister and Minister of Economy and Finance, he advocates a policy shift towards expanding public spending in the short term, alongside structural reforms in pensions, labor, welfare, and education over the long term.
Evaluating South Korea as an Investment Destination
With conviction, Governor Kim declared that South Korea is an ideal investment destination, with strong economic foundations, advanced industries, and a thriving soft power sector. He highlighted South Korea’s global cultural impact, from the Nobel Prize-winning author, BTS, and the film “Parasite,” to the country’s high education and innovation standards, rated among the highest in the OECD.
Key Areas for Government Focus in Future Growth
To drive future growth, Governor Kim introduced the “new ABC” – Aerospace, Bio, and Climate Tech. He also stressed the need to continue supporting traditional ABC industries (AI, Battery, and Chips) to maintain global leadership. Additionally, he emphasized the importance of political reform, advocating for reduced polarization to enhance national unity and societal sustainability.
Governor Kim compared AI investment to the initial cost of building railroads, explaining that while early investments are substantial, long-term returns can be profound. He noted that Gyeonggi Province plans to support the AI industry through initiatives such as establishing Asia’s largest AI computing center by 2028, creating a global AI business cluster, and founding a dedicated AI industrial bureau.
The Concept of Economic Unification Governor Kim explained that economic cooperation between North and South Korea could serve as a strategic starting point for dialogue. Despite the government’s strong stance on peace, he stressed that efforts to engage North Korea in discussions should not be abandoned. Economic unification, he argues, could gradually transition the “Korea discount” to a “Korea premium” through expanded trade, capital, technology, and human exchange.
Addressing Vice President Harris’s concept of an “Opportunity Economy,” Governor Kim highlighted that the central goal of his administration in Gyeonggi Province is to create and fairly distribute opportunities. His vision includes bolstering AI and new industry infrastructure while expanding education and social safety nets, ensuring equal opportunities for all. .
ㅡㅡㅡㅡㅡㅡㅡㅡㅡㅡㅡㅡㅡㅡㅡㅡㅡㅡㅡㅡㅡㅡㅡㅡㅡㅡㅡㅡㅡㅡㅡㅡㅡㅡㅡㅡㅡㅡㅡㅡㅡㅡㅡㅡ
Explore More!
For more travel inspiration and information about Korea, visit the Gyeonggi Province Blog, where we share weekly articles on various topics for international visitors. Dive into the wonders of Korea and plan your next adventure with us!
https://www.gyeonggido-korea.com/
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