Anti-corruption watchdog engages foreign business leaders to boost investment climate
The Anti-Corruption and Civil Rights Commission of Korea held a policy roundtable on Thursday aimed at creating a more favorable environment for foreign investment and business operations in Korea.
Chaired by Ryu Chul-whan, the commission has hosted 15 such roundtable events since 2008 with executives from foreign chambers of commerce in Korea. The sessions serve as a platform to hear directly from foreign companies about the challenges they face and to share the Korean government's latest anti-corruption initiatives.
'With increasing global uncertainties, including recent tariff measures by the Trump administration, we remain committed to fostering a transparent and fair society where foreign investment and international trade can thrive,' Ryu said during the meeting at the Government Complex Seoul.
Thursday's roundtable was attended by James Kim, chair and CEO of the American Chamber of Commerce in Korea, Maria Antonia von Schoenburg, chair of the Korean-German Chamber of Commerce and Industry, Stefan Ernst, secretary-general of the European Chamber of Commerce in Korea, Rowan Petz, chair of the Australian Chamber of Commerce in Korea, Sonia Chaieb, head of the French Chamber of Commerce in Korea, and Roger Royo, chair of the Spanish Chamber of Commerce in Korea, among 15 other executives from foreign chambers.
At the session, the foreign chambers agreed on the importance of transparency, communication and regulatory alignment as Korea positions itself as a leading global business hub in the region. The government pledged continued dialogue and follow-up actions on key suggestions raised during the roundtable.
Representing the Australian Chamber, Rowan Petz focused on the E-9 employment visa system, particularly its limitations in the hospitality sector.
'Hotels cannot interview candidates directly, and only certain nationalities are eligible. This does not reflect the reality of a service-based industry that relies heavily on communication and cultural fit.'
He urged that the visa system be revised to better suit the operational needs of the hospitality industry. In response, ACRC Chair Ryu said the government would coordinate with the Ministry of Foreign Affairs, the Ministry of Employment and Labor and the Ministry of Justice to explore improvements.
AmCham Chair James Kim emphasized the broader context, noting that Korea is not alone in facing uncertainty, referencing global political developments. 'Although there are uncertainties, I'm a big believer we'll all be back to normalized business soon.'
He referenced a recent business report published by AmCham, which noted that Korea is in a much better position to host regional headquarters. He highlighted that while Korea remains the second most attractive HQ destination after Singapore, sentiment is shifting, with 50 percent of respondents viewing the environment negatively, up from 25 percent previously, citing that their internal survey showed that the government's influence on business perception grew from 36 percent to 57 percent in just one year.
'We shouldn't be losing out to Singapore, Hong Kong or Shanghai. ... And still, there's huge optimism. The upcoming election and APEC 2025 can both be launchpads for Korea's next five years,' Kim added.
ddd@heraldcorp.com
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