Latest news with #AmericanChamberofCommerceinKorea
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.'
Korea Herald
03-04-2025
- Business
- Korea Herald
AmCham chief stresses Korea-US alliance, economic potential at Global Biz Forum
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.
Korea Herald
18-03-2025
- Business
- Korea Herald
AmCham expands 'Buy America' initiative with new infrastructure partnership
The American Chamber of Commerce in Korea said Friday that it has signed a memorandum of understanding with Yido, NH Investment & Securities, and Hangang Asset Management, marking the second major partnership under its 'Buy America' campaign. This agreement aims to support Korean companies in establishing a foothold in the US infrastructure market, including roads, tunnels, bridges and power facilities. With the Trump administration prioritizing large-scale infrastructure revitalization, AmCham stated that the agreement will help Korean companies overcome market entry barriers and establish a sustainable presence in the US infrastructure sector. The four organizations will jointly explore investment opportunities in federal, state and locally led US infrastructure projects while building strategic partnerships with pension funds and Korean financial institutions to facilitate long-term investments. To advance these efforts, AmCham will play a crucial role in fostering industry connections, supporting strategic engagements with key US infrastructure firms and leveraging its K-Doorknock initiative to provide Korean businesses with direct access to US decision-makers in the infrastructure sector. 'This partnership represents a historic milestone in strengthening US-Korea economic ties by creating new investment pathways for Korean companies in the US infrastructure sector," said AmCham CEO Kim. "By opening the door for Korean investment in US infrastructure, we are not only strengthening bilateral trade and investment but also creating new opportunities for job creation, innovation and sustainable economic development.' AmCham's ongoing "Buy America' campaign aims to facilitate Korean companies' expansion into the US market and enhance bilateral trade and investment relations.
Korea Herald
13-03-2025
- Business
- Korea Herald
AmCham, Homeplus partner to boost US food imports
The American Chamber of Commerce in Korea and Homeplus signed a memorandum of understanding on Thursday to expand the import of US food products and strengthen trade cooperation between Korea and the US. The signing ceremony, held at Homeplus' headquarters in Seoul, was attended by AmCham Chairman and CEO James Kim, Homeplus CEO Jo Ju-yeon, and officials from the US Embassy's Department of Agriculture. This marks the first official partnership under AmCham's "Buy America" campaign. As part of the agreement, Homeplus will launch an international food fair in April, featuring high-quality US products at discounted prices. AmCham will support this initiative by streamlining import procedures, optimizing supply chains and strengthening collaboration with government agencies. 'This partnership with Homeplus will expand Korean consumers' access to premium US food while strengthening Korea-US economic ties,' AmCham CEO Kim stated. 'We aim to optimize trade procedures and create new business opportunities.' Homeplus CEO Jo expressed her gratitude at being the first Korean retailer to join AmCham's campaign. AmCham and Homeplus will also explore further initiatives to strengthen trade cooperation and expand business opportunities. AmCham will continue advancing the "Buy America" campaign, fostering economic growth and trade collaboration between the two nations.
