US Ambassador Steel calls for fair competition for American firms in South Korea

During the 2nd Korea-US Diplomacy Forum in Seoul, US Ambassador to South Korea Michelle Steel emphasized that American companies operating in South Korea must be able to compete in a fair environment. She noted that the economic prosperity of South Korea, often referred to as the Miracle on the Han River, is inextricably linked to national security.

Ambassador Steel highlighted that South Korean investments totaling 350 billion dollars in US strategic industries are moving forward following the passage of special legislation by the Korean National Assembly. She also noted that South Korea is moving closer to fulfilling its commitment to increase defense spending to 3.5 percent of its GDP through upcoming budget deliberations.

In the same forum, former US Deputy Ambassador Joseph Yun addressed security issues, stating there is no consensus in Washington regarding the transfer of wartime operational control (OPCON) to South Korea. Yun suggested that transferring OPCON without weakening the alliance is not currently feasible and noted that Washington views the transition as a matter of meeting military conditions rather than a political decision. He also indicated that there is no internal agreement in the US regarding nuclear-powered submarine cooperation or nuclear energy collaboration.