The Federation of Korean Industries (FKI) and the American Chamber of Commerce (AMCHAM) in Korea held the 17th round of Korea-U.S. and U.S.-Korea Business Councils at the Shilla Hotel on Friday and announced a joint statement based on such a consensus.

Korea and U.S. business leaders agreed on establishing a working group for the swift conclusion of the FTA between the two countries and also agreed on promoting joint research. Both sides recognize that contracting a bilateral investment treaty (BIT), the premise of promoting the FTA, is getting closer and agreed on making efforts until it is finally concluded.

In regards to the U.S. visa issue, the business sectors of the two countries agreed to make joint efforts in the extension of the program that exempts entrepreneurs from interviews and ways to exempt transferring passengers from visas.

The “Win-Win Project,” where the Korean government supports parts of the personnel expenses when foreign firms establish R&D centers in Korea, was also discussed.

35 personalities participated in the council from the Korean side including the Korean chair of the Korea-U.S. Business Councils and also Hyosung Group chairman Cho suk-rae, vice chairman of FKI Hyun Myung-kwan, and the Korean Ambassador to the United States Han Seung-joo. 40 personalities participated from the U.S. side including AIG chairman Maurice R. Greenberg leading the U.S. delegation, President of AMCHAM William Oberlin, and U.S. Ambassador to Korea Thomas Hubbard.

40 legislators from the ruling and opposition parties, including National Assembly Speaker Kim Won-ki, participated in a dinner after the conference, and 200 representatives of major enterprises in both countries joined.

(Cho Hyung-rae, hrcho@chosun.com )