The following article is a speech, delivered by His Excellency Amb. Sung Y. Kim of the U.S. Embassy in Seoul on the occasion of the AMCHAM Council on Innovation for the Future (AICF) Launching Ceremony which was held on Monday, October 15, 2012 at the Millenium Seoul Hilton. -Ed.

Ladies and gentlemen, good morning. Thank you, Pat and Amy, for the kind introduction. It is a pleasure to be here today and I am honored to serve as the Honorary Chairman of this Council.

▲ U.S. Amb. Sung Y. Kim delivering his speech on the occasion of the AMCHAM Council on Innovation for the Future (AICF) Launching Ceremony

Over the years, our alliance has developed into a multi-faceted partnership that has flourished in many different areas: security, trade and economic development, people-to-people ties, international cooperation.

Our economic cooperation is a vital component of our shared success. The United States and Korea already have one of the most vibrant trading relationships in the world. Korea is our seventh largest trading partner, and the United States is South Korea’s third largest trading partner.

In March, the KORUS-FTA, our most commercially significant FTA in nearly two decades, went into effect. KORUS strengthens our economic partnership; it opens up new opportunities for American businesses in Korea, and for Korean businesses in the United States; it brings great benefits to consumers in both countries. While it is still in the early stages of implementation, we are seeing positive signs and are working closely with the Korean government to ensure benefits for both sides are fully realized.

As President Obama has said – our future economic growth and international competitiveness depend on our capacity to innovate. Innovation-based economic growth will bring greater incomes, higher quality jobs, and improved health and quality of life. America has a proud tradition of innovation and Korea is rapidly becoming one of the world’s most innovative countries. Working together, we can create sustainable growth and strengthen the extraordinary bond between our two countries.

We do not have to look far to find examples of collaboration. Just a few blocks down the street, the new City Hall building is an eco-friendly landmark that uses the largest volume of renewable energy among all buildings in Korea. It features over 7,000 energy efficient glass panes--6,000 of which were manufactured by Pittsburgh Plate Glass, an American company.

A small, woman-owned Korean company called DGS makes innovative vehicle brake clips incorporating an American product: DuPont’s Teflon. Several major international automakers, including those in the United States and Korea, are purchasing these clips.

While the private sector is undoubtedly the innovation engine, government also has an important role to play in facilitating innovation: investing in education and basic research to provide the talent pool and foundation for innovation; creating a healthy eco-system that fosters fair competition and protects intellectual property rights; and ensuring regulations encourage, rather than impede, innovation. Sometimes, the best thing government can do is to just get out of the way.

I applaud AMCHAM for recognizing the importance of innovation and creating this forum for discussion and cooperation. I thank the Ministry of Knowledge Economy for being a part of this exciting initiative. And very much I look forward to having meaningful discussions with industry leaders and policy makers, working together to ensure we continue on the right path, and using innovation to create a brighter future for both of our nations.