Trilateral Efforts
The US-Korea Business Council (USKBC) and US-Japan Business Council (USJBC), affiliates of the U.S. Chamber of Commerce, held a trilateral forum on Internet of Things (IoT) and Digital Economy in Seoul, South Korea on November 9. The forum highlighted the potential of transformative technologies and the public policies needed 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, which was written by Dr. Lee Gwan-hoo, Professor of IT Management at American University’s Kogod School of Business.
“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, adding, “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 Jae-you, Congressman Shin Sang-jin, and Korean Airlines Chairman Cho Yang-ho.
The forum examined many topics addressed in the USKBC report, including the economic and societal benefits of IoT and transformative technologies, 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.
In August, the U.S. Chamber, USKBC, and USJBC launched the Trilateral Digital Economy Steering Committee with a meeting in Washington, D.C., aiming 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.