South Korean biz community hopes for stronger Korea-US cooperation

Seoul: South Korea's major business organisations on Wednesday joined in congratulating Donald Trump on his victory in the US presidential election, urging him to strengthen Seoul-Washington cooperation.

The Korean Chamber of Commerce and Industry (KCCI) congratulated Trump on his election victory, emphasizing that the Korea-U.S. trade and economic partnership is anchored in a strong security alliance.

The KCCI expressed hope for continued bilateral relations under the incoming Trump administration, adding that South Korean companies have contributed to U.S. employment and industrial diversification through investments in advanced industries, including semiconductors and EV batteries, reports Yonhap news agency.

"South Korea's efforts will continue to play an important role in creating shared benefits," the KCCI said in a statement. "We look forward to continuing to build on our partnership in the second Trump administration, fostering even greater economic achievements between our two countries."

The Korea Enterprise Federation (KEF) also voiced its expectation that South Korea-U.S. cooperation would further strengthen across areas such as the economy and security, supported by close coordination under the new Trump administration.

"We expect the new government to take active steps to improve systems, enabling companies from both countries to invest more freely and actively," said the KEF. "The business community will also do its utmost to expand exchanges in all fields, including politics, the economy, society and culture."

The Federation of Korean Industries (FKI) called on U.S. President-elect Trump to improve bilateral relations based on the Korea-U.S. free trade agreement, which went into effect in 2012.

"In particular, we look forward to creating a favourable investment and trade environment so that Korean companies can continue to invest and trade with the U.S., which is a key pillar of our economic relationship," the FKI added.

Republican candidate Trump won more than 270 Electoral College votes in the US presidential election, becoming the first president in more than a century to win a non-consecutive second term.