Seoul and Washington will discuss cooperation on supply chains of major industries every year.
South Korea's Industry Minister Lee Chang-yang and U.S. Commerce Secretary Gina Raimondo on Saturday had a meeting and signed an MOU.
Under the agreement, the two parties will upgrade the working-level industrial cooperation dialogue to the ministerial level.
The two countries plan to hold annual sessions to discuss economic security issues and cooperation on key industries.
They range from recovering the disrupted supply chains for semiconductors to the digital economy, healthcare technology, and export restrictions.
Lee and Raimondo also attended a roundtable meeting joined by 16 business leaders of the two countries.
Top executives of South Korea's largest business groups, including Samsung, SK and Hyundai Motor, and the United States companies, including Qualcomm, Google, and GE, gathered together.
They discussed action plans for expanding investments in critical industries, including semiconductors, EV batteries, and clean energy.
Earlier on Saturday, Hyundai Motor announced an investment of around five billion U.S. dollars to build EV and battery manufacturing plants in the state of Georgia, expected to operate from 2025.
Also, Hanwha Solutions, the chemical and energy unit of South Korean conglomerate Hanwha Group, said it would invest more than 150 million dollars to build facilities for advanced solar cell technology in the United States.
U.S. bio company Thermo Fisher Scientific also signed an agreement on Saturday to create a manufacturing facility in South Korea.
Eum Ji-young, Arirang News.