U.S.-Korea Business Council Releases Report Revealing Economic Benefits of Internet of Things and Digital Economy
SEOUL— The U.S.-Korea Business Council (USKBC) and U.S.-Japan Business Council (USJBC), affiliates of the U.S. Chamber of Commerce, today concluded a trilateral Internet of Things (IoT) and Digital Economy forum in Seoul, South Korea. The forum highlighted the potential of transformative technologies and the necessary public policies to support them. The USKBC also released its newest policy paper, IoT Innovation and Deployment: A Blueprint for U.S. and Korean Leadership, revealing the economic opportunities created by IoT.
“The Internet of Things exemplifies the progress of technology and the potential of the digital economy. But its future success will require a pro-innovation policy environment,” said Tami Overby, senior vice president for Asia at the U.S. Chamber. “The United States, South Korea, and Japan have the opportunity to pave the way as global leaders by encouraging international cooperation, investing in infrastructure, and removing regulatory barriers.”
Speakers at the trilateral forum included Qualcomm Executive Chairman Dr. Paul Jacobs, Korea’s Vice Minister of Science, ICT and Future Planning Choi Jaeyou, Congressman Shin Sang Jin, and Korean Airlines Chairman Cho Yangho.
The forum examined many topics addressed in the USKBC report, such as the economic and societal benefits of IoT and transformative tech, the importance of infrastructure investments, the role of government in supporting the digital economy, and areas for trilateral coordination. The USKBC report presents guiding policy principles including: a consistent regulatory framework, a light-touch policy approach, evidence-based regulation, and technology neutrality. It also warns against country-specific regulations or requirements.
IoT Innovation and Deployment: A Blueprint for U.S. and Korean Leadership was written by Dr. Gwanhoo Lee, Professor of IT Management at American University’s Kogod School of Business.
In August, the U.S. Chamber, U.S.-Korea Business Council, and U.S.-Japan Business Council launched the Trilateral Digital Economy Steering Committee with a meeting in Washington, D.C., aimed at advancing a public policy framework to support the digital revolution. The Committee will build upon the existing government to government and multi-stakeholder global efforts around the digital economy, including those focused on innovation and information and communications technology (ICT) services and products.
The U.S. Chamber of Commerce is the world’s largest business federation representing the interests of more than 3 million businesses of all sizes, sectors, and regions, as well as state and local chambers and industry associations. Its International Affairs division includes more than 70 regional and policy experts and 25 country- and region-specific business councils and initiatives. The U.S. Chamber also works closely with 117 American Chambers of Commerce abroad.