This past Wednesday, October 15th, 2024, the Walker Institute and the World Affairs Council collaborated in hosting the Korean Economic Institute for a panel discussion featuring representatives from both the U.S. Department of State and the Korean Embassy. This event provided important context on the economic and security alliance between the U.S. and South Korea, how it has changed over time, the ongoing tensions on the Korean Peninsula, and the outlook for Korea’s economic, political, and cultural influence globally, especially in the U.S. Those present in the panel included Scott A. Snyder, President and CEO at the Korea Economic Institute of America (KEI), Wonwoo Chung, the first Secretary at the Political Section of the Embassy of the Republic of Korea to the United States, Evan Fowler, the Economic Officer in the Office of Korean and Mongolian Affairs for the Bureau of East Asian and Pacific Affairs with the State Department, and Carl Dahlman, the Director of the Walker Institute of International and Area Studies. 

The economic development within South Korea has accelerated and changed drastically over the past decades. In response to a question, Mr. Snyder stated that developing countries look to Korea for development. Their focus revolves around “dedication to education,” sending many citizens to America after the Korean war for university. In fact, South Korean students make up the 3rd largest group of foreign students who pursue education in the U.S. Having access to the U.S. market for exports helped to develop South Korean businesses in the U.S.  

In response to the question, “Help us to understand the importance of the Korea-US relationship today and the priorities of your government in the near term?”, Mr. Chung named the “Global Comprehensive Strategic Alliance”, and stated that South Korean and U.S. relations have moved from a military to an equal balance alliance, shifting towards advancing technology. He added that this alliance began with the “28,500 U.S. soldiers based in Korea.” At present, 60-65% of Americans support the current alliance with South Korea, as shown in KEIA’s recent Public Opinion Series. 

Mr. Fowler was asked to explain the interdependence of the U.S. and Korean economies, not only through trade and investment but also diplomatic and strategic interests, and he responded that this interdependence has been developing since the Korean War. Both are moving towards clean technology such as electric vehicles, and that the economic development in Korea over the past decades is “night and day, which is a testament to the economic development that has taken place.” He added that 10% of global Netflix content is in Korean, showcasing its high level of influence not only in the U.S. but also on a global scale. He explained that more Americans are learning Korean and are interested in the region, which is facilitating dialogue between the youth of these nations and creating a possible future workforce interested in U.S.-Korean foreign policy. 

The importance of a Security Alliance between the U.S. and South Korea is even clearer in the present day due to increased tensions on the Korean Peninsula. A South Korean alliance with the U.S. sends a global message that these nations are committed to peace in the Pacific. Time has shown that the alliance between the U.S. and South Korea has allowed these nations to work together on security policy and help bolster their economic growth, showcasing the strength and power of this alliance.