It has been suggested that the South Korean government should proactively promote the achievements of Korean companies in preparation for the results of the U.S. presidential elections in November. This includes establishing factories and creating jobs in the United States. The government is also encouraged to implement global standard policies guaranteeing free business activities.
President of the Information Technology and Innovation Foundation (ITIF) Robert Atkinson made this statement at Advancing Together: Korea-US Partnerships for Global Technology Leadership in Seoul on June 12. The event was hosted by the Korea Business Association and Tech & Trade Institute at the FKI Tower Conference Center. As a leading figure in innovation economics, Atkinson has led the ITIF since its establishment in 2006.
During his keynote speech on Changes and Response Strategies in Industrial and Technological Policies after the U.S. Presidential Election, Atkinson emphasized the need for South Korea and the U.S. to maintain a close relationship to secure global competitiveness in advanced industries such as semiconductors. He pointed out semiconductors and quantum computing as areas of mutual benefit and suggested smart cities, robotics, nuclear power, and shipbuilding as promising areas for technological cooperation.
He defined the key policy orientation for Biden’s administration as green redistribution with a focus on expanding clean energy. He projected the main foreign policies to include:
- maintaining current tariff levels;
- gradually adding to the list of export control targets;
- expanding export control measures;
- and no separate measures for trade expansion.
Atkinson defined the key policy orientation of Trump’s second term as small government protectionism. The main foreign policies are expected to include the following:
- Tariff increases without exception, even for allies
- Weak dollar policy
- Strengthening surveillance of foreign companies’ M&A in the U.S.
- Controlling exports and Foreign Direct Investment (FDI) from China
- Possibility of no additional support for semiconductors
Vice President for Global Innovation Policy at ITIF Stephen Ezell led the topic presentation of the Korean-American Bio-Science Cooperation session and suggested expanding the procurement and supply chain of raw materials centered on friendly countries through joint development of raw materials drugs as these are monopolized by China and India, to alleviate dependence.
Director of the Asia-Pacific Center for Advanced Technology Strategy Song Chi Woong proposed the establishment of an AI Multilateral Research Center under the leadership of Korea and the U.S., gathering major friendly countries that share values in his topic presentation on Korean-American AI Cooperation.