Trade Minister Meets with AMCHAM Delegation to Discuss Investment Strategies
Jeong In-kyo, Trade Minister of the Ministry of Trade, Industry, and Energy (MOTIE), convened with the American Chamber of Commerce in Korea (AMCHAM) delegation at the Grand Hyatt Seoul on December 11. The meeting aimed to explore the effects of the evolving global trade landscape and devise strategies for drawing foreign investment.
The MOTIE has been assessing the impact of the new U.S. administration's economic and trade policies on South Korea's key industries, sector by sector. This collaboration with AMCHAM, the largest foreign chamber of commerce in South Korea, focused on expanding foreign investment, positioning South Korea as a business hub in Asia, and fortifying Korea-U.S. trade ties.
James Kim, AMCHAM's chairman, underscored American companies' keen interest in the South Korean market. He advised South Korea to capitalize on global economic shifts, such as supply chain restructuring and the formation of economic blocs. Kim emphasized regulatory reforms in labor markets, tax administration, and the digital economy as essential for South Korea to emerge as a hub for the Asia-Pacific region. He reassured AMCHAM members, stating, "South Korea has always overcome crises successfully, and it will do so this time as well. Please avoid excessive concern."
In response, Jeong reassured, "AMCHAM has contributed to job creation and economic revitalization in South Korea based on its trust in the South Korean market. Despite the recent domestic situation, government policies will proceed as scheduled so that foreign firms investing in South Korea can confidently focus on their economic activities."
The ministry announced plans to engage with other major foreign chambers of commerce in South Korea, such as the European Chamber of Commerce in Korea (ECCK) and the Seoul Japan Club (SJC), to promote the expansion of foreign investment.
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