![](https://www.pymnts.com/wp-content/uploads/2022/04/shutterstock_754922323.jpeg)
The head of South Korea’s largest air carrier said Thursday that the company‘s acquisition of its domestic rival Asiana Airlines will contribute to enhancing the bilateral economic relationship between South Korea and the United States, expressing hope for Washington’s approval of the merger.
“We are committed to increasing our activity in the US given the positive environment and we will continue to be a major contributor to the US-Korea economic relationship,” said Cho Won-tae, chairman of Hanjin Group, parent company of Korean Air, at a seminar hosted by the American Chamber of Commerce in Korea.
“Subsequent to the onslaught of the pandemic, we have increased our cargo capacity to help relieve the supply chain issues facing both economies by increasing our cargo capacity to the US to more than 900,000 metric tons in 2021, making Korean Air one of the largest cargo carriers to the US and contributing greatly to economic activity in the US,” he added.
The chief of the national flag carrier emphasized Korean Air’s contribution to the US economy, saying that Korean Air alone has created over 75,000 jobs in the US, and has purchased over $34 billion worth of US aircraft and parts.
Referring to the process of acquiring Asiana Airlines, Cho said he looks forward to expanding the firm’s investment in the US after its acquisition of the second-largest domestic air carrier.
“Korean Air will be able to increase its contribution to the US economy and prevent the losses to both nations that would be caused if Asiana Airlines closes down,” he added.
Korean Air has received approval from Korean antitrust authorities to proceed with the acquisition of Asiana Airlines, and is now awaiting approval from the US, the European Union, Japan, China, the United Kingdom and Australia.
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
Malaysia Introduces New Licensing Requirement for Digital Platforms
Jul 28, 2024 by
CPI
Drivers in Britain Still Overpaying for Road Fuel, UK Watchdog Reports
Jul 28, 2024 by
CPI
Six Major Banks Settle European Bond Price-Fixing Litigation
Jul 28, 2024 by
CPI
Italian Unit of Amazon Faces Second Probe for Suspected Tax Evasion
Jul 28, 2024 by
CPI
UnitedHealth Group Abandons Two Acquisitions Following Antitrust Division Scrutiny
Jul 28, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – International Trade & Antitrust
Jul 26, 2024 by
CPI
What is Wrong with the WTO Discipline on Subsidies?
Jul 26, 2024 by
CPI
The Abiding Tension Between Trade Remedy Law and Antitrust
Jul 26, 2024 by
CPI
Trade and Antitrust: An End to Isolationism
Jul 26, 2024 by
CPI
International Trade Law and Domestic Regulation of Generative Artificial Intelligence: Divergent Approaches?
Jul 26, 2024 by
CPI