The Korea-U.S. Economic Council, Inc. (KUSEC) is a private and non-profit organization approved by and registered with the government of the Republic of Korea. KUSEC is supported by leading Korean corporations and economic organizations, and maintains close ties with the American business community in Korea.
Chartered in 1973, KUSEC was established as a broad-based organization to promote economic cooperation between the Republic of Korea and the United States, and to promote greater awareness of Korea's role as an important partner to the United States for mutual security, trade, and investment. KUSEC fulfills its objectives through the following functions:
Organizing and managing "Economic Cooperation Committees" between KUSEC and individual or regional groups of American states;
Assisting U.S. gubernational and congressional delegations, and state or municipal trade missions with such matters as arranging courtesy calls on government ministries and business organizations, organizing seminars and workshops, and setting up business appointments;
Assisting the economic development authorities of individual states or independent agencies with their promotional activities in Korea;
Organizing and dispatching Korean economic missions to the United States;
Assisting American civic leaders, journalists, economists, and other professional specialists in making contacts in Korea;
Serving as the Secretariat for the Korea-U.S. Business Council whose American counterpart is the U.S.-Korea Business Council based in Washington D.C. The two Councils meet every January in Hawaii and again in June, alternating between Washington D.C and Seoul for the annual Korea-U.S. Business Conference. The Conference is a forum for CEOs of major corporations from both countries to update each other on the current status of economy and finance, trade, politics, and matters of security (From 1988 to October 1999, KUSEC has served as the Secretariat for the Korea-U.S. Business Council, but since November 1999, the Korea-U.S. Business Council meetings have been organized by the Federation of Korean Industries(FKI)).