South Korea’s major business organizations welcomed the reelection of U.S. President Barack Obama on Wednesday as they tried to gauge opportunities and challenges Obama’s second term could bring to local companies and their exports.

The Korean Chamber of Commerce and Industry said it hopes that Seoul and Washington will strengthen their economic cooperation and that Obama’s firm leadership will improve conditions of South Korean exporters.

The Federation of Korean Industries, the lobby for the country’s conglomerates, also expressed hope that the South Korea-U.S. alliance will continue to develop, in order to ensure the cooperative framework established by the free trade agreement will “bring more freedom and prosperity to the peoples of the two countries.”

South Korean industry officials said Obama’s second term in office could be a boon to local companies engaged in businesses to develop alternative energy such as solar and wind energy if the Obama administration persistently nurtures renewable energy and implements energy efficient policies meant to prevent global warming.

The Obama administration plans to cut the country’s oil imports in half by 2020 and support renewable energy generation projects such as wind and solar power.

They also said South Korean makers of machinery and facilities could also increase their exports to the United States as the world’s largest economy shows signs of economic recovery.

Local textile companies are likely to boost their exports to the U.S. in case consumer spending picks up again in the U.S.

Meanwhile, the U.S. government appears likely to take issue with what it sees as unfair trade practices by South Korea to safeguard its jobs and manufacturing businesses, including the auto industry, according to the state-run Korea Trade-Investment Promotion Agency and the Korea International Trade Association.

In July, the United States slapped an anti-dumping tariff of up to 82 percent on large South Korean washing machines for household use, in the latest trade row between South Korea and the United States.

The industry officials said the U.S. could impose trade pressure on South Korea if there are widespread negative views on its free trade deal with Seoul.

In March, the free trade pact between South Korea and the United States came into effect, paving the way to eliminate or phase out tariffs on 85.7 percent of U.S. goods and 87.3 percent of South Korean goods in three years.

Still, tariff and non-tariff barriers are in place in the United States, according to industry officials. (Yonhap News)