AmCham chief stresses Korea-US alliance, economic potential at Global Biz Forum

Korea Herald

03-04-2025

The American Chamber of Commerce in Korea Chair and CEO James Kim highlighted the promising future of South Korea-US economic ties despite near-term challenges, during a session at the Global Business Forum on Wednesday.
The GBF, organized by The Korea Herald and Herald Business, is a 15-week program held every Wednesday, setting the stage for discussions among business leaders, experts, scholars and diplomats on global business trends.
In his keynote speech, 'Korea at the Crossroads,' CEO Kim expressed optimism about the business relationship between South Korea and the US as one that continues to benefit both countries.
'Korea, as the sixth-largest trading partner of the US, is investing heavily in the United States while creating jobs there,' Kim said, noting that the US also plays a vital role in the Korean economy as both a trade partner and investor.
According to Kim, that's where AmCham serves as a vital bridge that helps drive investment in both directions. 'Korea is now a major contributor to investment in the US, surpassing Taiwan, Japan and China,' he added.
Kim further acknowledged Korea's untapped potential as a global business hub, noting that it has fewer regional headquarters than Asia-Pacific peers such as Singapore and Hong Kong.
'For a country of this magnitude and with this level of infrastructure, the number is far too low,' he said. 'We need to recognize that Korea may not have competed as effectively with other players in the region.'
Amid looming challenges for Korea, including US President Donald Trump's tariffs, the nation's ongoing political crisis and various regulatory barriers to attracting foreign firms, Kim explained that AmCham has been working to address these issues.
'What AmCham has also done is make sure that Korea stands tall,' Kim remarked, highlighting the chamber's role in enabling effective communication between both sides and its 'Buy American' campaign, which has helped strengthen trade and economic ties.
Looking ahead, Kim described the alliance as rock-solid: 'There may be some short-term setbacks, but in the long run, we're headed toward a strong and promising future.'
As the evening progressed, other prominent speakers addressed the challenges facing Korea.
Kim Gwang-suk, a researcher at the Institute of Korean Economy and Industry and an adjunct professor at Hanyang University's Graduate School of International Studies, shared his outlook on an impending shift in the global economic landscape.
'The world has entered an era of muted growth, but not recession,' Kim said. 'What Korea needs is to confront the reality head-on — that we are falling behind China and remain vulnerable to American protectionism. Only by acknowledging this can we chart a path forward.'
As one solution, Kim suggested that Korea deepen engagement with new emerging markets, singling out India as a prime example due to its rapid economic growth.
Turning the focus to Korean society, Yoo Seong-ho, a professor in the department of forensic medicine at Seoul National University College of Medicine, emphasized the growing importance of health, particularly as the nation undergoes rapid aging.
'With health care costs expected to rise alongside increasing life expectancy, it's important to stay healthy and face the final chapter of life without regret,' he said.
He explained that discussions surrounding 'well-dying' are closely tied to overall well-being, and that it is worth reflecting on how we want to approach the end of life.