The rapid economic development of South Korea has created greater room for cooperation between Seoul and Washington, and such room will continue to grow in the years to come, representatives of business circles of the two countries said in a forum to commemorate the 70th anniversary of Korea-US alliance and the foundation of The Korea Herald and Herald Business.

Sohn Kyung-shik, chairman of the Korea Enterprises Federation, told the audience at "The ROK-US Alliance Plus" forum held at Shilla Seoul on Wednesday that the latest summit in April of President Yoon Suk Yeol and his US counterpart Joe Biden signaled the diversification of the bilateral alliance, as the both countries look beyond the goals of nuclear nonproliferation. The ROK refers to South Korea’s official name, the Republic of Korea.

Along with the joint Washington Declaration to expand nuclear consultations between the two allies, Yoon and Biden also agreed to bolster the economic and technological cooperation of the two countries. Such an alliance diversification will be critical to epitomizing the bilateral partnership, Sohn said.

"The Korea-US alliance focusing on the regional security in its nascent stage has been extended to foster a bilateral economic cooperation. Now anticipation is high for a technological alliance in the field of artificial intelligence and the space industry," Sohn said in a congratulatory speech.

Sohn added that cooperation will also be strengthened in the fields of semiconductor chips, secondary batteries and biopharmaceuticals, as Korean firms' advanced level of technology could help create jobs and nurture local economies in the US.

James Kim, chairman and CEO of the American Chamber of Commerce in Korea, echoed Kim in that the more diversified partnership between the two countries will strengthen ties that have been built over the past 70 years since the cease-fire of the 1950-53 Korean War.

"The US and Korea have such a rich history of cooperation based on trust, shared values and strategic interests. ... The economic partnership between the two countries have both diversified and deepened," Kim said in his speech.

"I've been in Korea now for 19 years. This is the best I've ever seen between the two countries."