Latest news with #AmericanChamberofCommerceinKorea
UPI
11 hours ago
- Business
- UPI
Global corporations in Korea warn against pro-labor bill
The American Chamber of Commerce in Korea, which represents hundreds of companies mostly from the United States, opposes the introduction of a controversial pro-labor bill in South Korea. Photo courtesy of the American Chamber of Commerce in Korea SEOUL, July 31 (UPI) -- Organizations that represent global corporations in South Korea have raised concerns about the so-called "Yellow Envelope Law," a pro-labor bill that the ruling Democratic Party is seeking to pass with its parliamentary majority. The bill is intended to protect subcontracted workers, limit corporate lawsuits seeking damages from strikes and expand legal responsibility for company executives who avoid collective bargaining. "A flexible labor environment is essential to strengthening Korea's competitiveness as a business hub in the Asia-Pacific region," American Chamber of Commerce in Korea Chairman and CEO James Kim said in a statement Wednesday. "If enacted in its current form, this legislation could influence future investment decisions by American companies considering Korea," he said.. Regulatory unpredictability remains one of the top challenges for foreign-invested companies in Korea. This legislation may add to that uncertainty and, in turn, undermine Korea's global competitiveness." The warning came after the National Assembly's Environment and Labor Committee passed the Yellow Envelope Law on Monday, which is waiting for a decision in the Democratic Party-dominated plenary session. The bill, which was twice vetoed by former President Yoon Suk-yeol, is highly likely to move forward under incumbent President Lee Jae-myung, who has overtly supported its introduction. Should the law be enacted, the European Chamber of Commerce in Korea indicated that it could prompt foreign companies to leave the country. "Given the numerous criminal sanctions imposed on employers under the Trade Union Act, this vague and expanded definition may treat business operators as potential criminals and significantly discourage business activity," the chamber commented in a statement. "The impact is particularly severe for foreign-invested companies, which are highly sensitive to legal risks stemming from labor regulations," it added. The two chambers represent hundreds of corporate members from the United States and Europe, respectively.
Korea Herald
16-07-2025
- Business
- Korea Herald
AmCham spotlights AI-era cyber risks, calls for Korea-US cooperation
The American Chamber of Commerce in Korea hosted its first Cybersecurity Seminar on Wednesday under the theme 'Cybersecurity as National Security: Global Trends & Industry Lessons,' bringing together senior Korean and US government officials, global business leaders and cybersecurity experts in Seoul. The event underscored the growing importance of cybersecurity in national and economic security amid escalating AI-driven threats and global digital transformation. In his opening remarks, James Kim, AmCham chairman and CEO, stressed that cybersecurity must be seen as a cornerstone of national resilience. 'If a highly structured company like SK Telecom can be breached, it shows no organization is completely safe,' he warned. Korean lawmakers and senior officials — including National Assembly Vice Chair Choi Hyung-du, Ministry of Science and ICT Director General Choi Woo-hyuk, and FBI Legal Attache at the US Embassy Justin Chang — emphasized the urgency of public-private and international cooperation. 'Cybersecurity threats are no longer confined to the corporate domain,' said Choi. 'They now pose real risks to national infrastructure and public safety.' Keynote speakers included Simon Green, APAC President at Palo Alto Networks, and Lee Ki-joo, Chairman of Korea's CISO Council, who both urged organizations to adopt integrated, AI-ready cybersecurity strategies. 'AI technology has advanced ways of cyber attacks overall. We must rebuild strategies on cybersecurity,' Green stated during his speech. 'Our imperative is to secure AI by design, enabling organizations to innovate bravely and securely in this new era.' A panel moderated by Professor Kwon Hun-yeong from Korea University addressed the evolution of cyber risks across telecom, finance, and energy sectors, calling for cross-border data sharing and executive-level accountability. The seminar reaffirmed AmCham's role in promoting US–Korea tech cooperation and advancing a secure digital business environment.
Korea Herald
25-06-2025
- Business
- Korea Herald
AmCham, MOFA director discuss public-private ties for APEC summit
The American Chamber of Commerce in Korea announced Wednesday that it hosted a policy gathering with Kim Ji-hee, Director-General for International Economic Affairs at the Ministry of Foreign Affairs, to explore avenues for public-private cooperation ahead of the 2025 Asia-Pacific Economic Cooperation Summit in Korea, scheduled for October. The event was part of the institution's policy talks series, aimed at providing a valuable platform for senior policymakers and industry leaders to engage in dialogue on pressing issues affecting the US-Korea economic alliance. 'The government's ongoing efforts to engage the business community are crucial,' Kim said, 'to ensure Korea's APEC agenda delivers tangible results across the region.' She emphasized Korea's commitment to inclusive public-private collaboration through APEC's unique mechanisms, such as the APEC Business Advisory Council, while detailing a range of initiatives spanning digital transformation, artificial intelligence, biotechnology, health care and SME development. US business leaders in sectors including IT, biotechnology and energy voiced strong support for Korea's APEC initiatives, particularly those focused on artificial intelligence and demographic change. While outlining the Korean government's strategic vision and key priorities for the upcoming APEC Summit, Kim also shared updates on the Third Senior Officials' Meeting and Economic Leaders' Week. AmCham Chairman and CEO James Kim remarked that the summit would allow Korea to demonstrate global leadership amid rising geopolitical tensions and rapid technological change. 'With digital innovation, supply chain resilience, and regulatory reform emerging as top priorities, this year's APEC platform presents a powerful opportunity to strengthen public-private collaboration,' he said. 'As a proud member of the APEC CEO Summit Task Force, AmCham is committed to working closely with the Korean government and the Korea Chamber of Commerce and Industry to ensure Korea's host year delivers meaningful outcomes that advance the shared interests of both the US-Korea economic partnership and the broader Asia-Pacific region,' he added.
Korea Herald
15-05-2025
- Business
- Korea Herald
AmCham, KOTRA partner to boost bilateral economic ties
The American Chamber of Commerce in Korea signed a memorandum of understanding with the Korea Trade-Investment Promotion Agency on Thursday to enhance trade, investment and regulatory cooperation between Korea and the US. Through the agreement signed at the KOTRA headquarters in Seoul, the two organizations will form a joint working-level committee to identify and address key regulatory challenges based on AmCham's annual reports and member input. AmCham and KOTRA will also co-host regular events such as briefings, roundtables, exhibitions and export consultations, while seeking new areas for bilateral collaboration. The agreement builds on the findings of AmCham's '2025 Business Environment Insight Report: APEC Special Edition,' which highlighted approximately 70 unresolved or emerging regulatory issues across 12 key industries including aerospace, pharmaceuticals, energy and the digital economy. 'This MOU lays important groundwork for enabling strategic economic collaboration,' said AmCham CEO James Kim. 'It represents a key step forward in reducing nontariff barriers, strengthening Korea's position as a premier regional business hub, and ensuring the success of APEC 2025.' KOTRA President and CEO Kang Kyung-sung added to the statement, expressing his hope that the partnership will support Korean small and midsized enterprises entering the US market and strengthen business ties between the two countries.
Korea Herald
29-04-2025
- Business
- Korea Herald
AmCham seminar explores ways to improve Korea's regulatory landscape
The American Chamber of Commerce in Korea announced that it held a seminar focused on Korea's business regulatory landscape, seeking ways to strengthen business partnerships between Korea and the US and foster closer ties between the two countries. The seminar, titled Shaping the Regulatory Environment for Sustainable Trade, was held at the Conrad Seoul Hotel in Seoul on Tuesday. It aimed to explore strategies to enhance Korea's appeal as an investment destination, according to AmCham. AmCham stated that discussions centered on regulatory innovation, the expansion of sustainable investment, and stronger collaboration between the public and private sectors to improve Korea's global competitiveness. Special attention was given to regulatory hurdles facing key industries such as biopharmaceuticals, the digital economy, energy and chemicals during the seminar. 'As we mark 100 days into President Trump's administration and prepare for Korea's presidential election, the US-Korea economic partnership stands at a critical juncture,' said AmCham Chair James Kim in his opening remarks. 'To sustain and deepen our cooperation, it is more important than ever to address Korea-specific regulatory challenges and create a more sustainable, transparent environment.' The event brought together a broad range of trade-related figures from politics, government, diplomacy and business, including Korean Trade Minister Cheong In-kyo; Rep. Kim Won-i, vice chair of the National Assembly's Trade, Industry and Energy and Small and Medium Venture Business Committee; Joy Sakurai, deputy chief of mission at the US Embassy in Seoul; and Park Il-joon, executive vice chair of the Korea Chamber of Commerce and Industry. While business leaders shared their views on driving innovation in Korea during the seminar, the trade minister pledged to foster a more predictable and sustainable investment environment. 'As the Chair of the Asia-Pacific Economic Cooperation ministers responsible for trade meeting, the Ministry of Trade, Industry and Energy is fully committed to defending a free and fair trade system and enhancing Korea's investment attractiveness through regulatory reform and improvements to the business environment,' said Minister Cheong. 'We will continue to engage closely with AmCham and the global business community to deepen the economic partnership between Korea and the US.'
