Ryu Jin, left, chairman of the Federation of Korean Industries (FKI) and the Korea-U.S. Business Council, shakes hands with U.S.-Korea Business Council Chairman Evan Greenberg during a networking reception at the FKI Tower in Seoul, Nov. 20. Courtesy of FKI
Prolonged political turmoil in Korea has put businesspeople here under pressure to reassure their U.S. partners, leaving them little room to discuss how to address the challenges posed by the incoming Donald Trump administration's protectionist trade policies.
Industry officials expect Korea's current political and economic situations to become the main topic of the forthcoming 35th meeting of the Korea-U.S. Business Council in Washington, scheduled for Tuesday and Wednesday (local time).
The Federation of Korean Industries, which co-hosts the event with the U.S. Chamber of Commerce, is said to be rearranging topics and programs, including prescheduled meetings between Korean businesspeople and key figures from U.S. Congress and think tanks, who are close to Trump.
Before President Yoon Suk Yeol's shortlived martial law sparked moves to impeach him, Korean participants of the event had planned to express their concerns over Trump's threat to revoke the Joe Biden administration's tax credits for businesses.
Korean businesspeople had also sought to study the political and economic conditions of the United States, given that the council will hold its meeting in the U.S. for the first time in five years after the 31st event in 2019.
Last month, Korean and U.S. heads of the council met in Seoul to discuss the potential impacts of Trump's return on their bilateral partnership.
As it has been uncertain when Korean ministers will resume their overseas trips for economic diplomacy, however, businesspeople here have now been tasked with convincing U.S. companies of Korea's stability.
Despite continued efforts to relieve the anxiety of foreign businesspeople, the government is already considered to have lost its grip on economic policies amid the leadership vacuum.
The cancellation of Korea International Trade Association Chairman Yoon Jin-sik's visit to the U.S. this month has also made the role of the Korea-U.S. Business Council more important.
On Wednesday when martial law was lifted, he decided not to attend a seminar that was supposed to be hosted jointly by the association and Woodrow Wilson Center in Washington, to discuss economic cooperation with the next U.S. government.
“Our chairman postponed his trip to Korea for an inspection of economic conditions,” said the business lobby representing Korean exporters.
Additionally, foreign businesspeople reluctant to visit Korea have forced Korean companies to travel abroad to meet their investors and partners.
After the Swedish prime minister postponed his planned visit to Seoul last Thursday, several members of the European country's business delegation decided not to visit as well.
Investor AB Chairman Jacob Wallenberg, a banker from a prominent Swedish family, who had been reportedly scheduled to visit Korea from Wednesday to Saturday, also left two days earlier than initially planned.
UFC CEO Dana White, known for his friendship with Trump, decided not to come to Korea for his participation in the Z-Fight Night mixed martial arts event on Dec. 14 at KINTEX in Goyang, Gyeonggi Province, citing the martial law declaration.