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Korea Herald
6 days ago
- Business
- Korea Herald
AmCham welcomes President Lee Jae-myung, vows stronger Korea-US business ties
The American Chamber of Commerce in Korea on Wednesday released an official statement congratulating Lee Jae-myung on his election as the 21st president of the Republic of Korea. AmCham expressed optimism that under President Lee's leadership, Korea will enter a new phase of economic growth and innovation. With both Korea and the United States undergoing significant political transitions, AmCham emphasized the importance of deepening bilateral economic cooperation. 'On behalf of the US business community, I sincerely congratulate President Lee,' said AmCham Chairman James Kim. 'His leadership and vision mark an important turning point for Korea's future. "We look forward to strengthening the Korea-US economic partnership through close collaboration with the new administration.' Kim also highlighted past engagements with Lee, including discussions on support for small and medium enterprises, liquefied natural gas cooperation with Alaska and efforts to attract foreign investment. 'Through every meeting, I was impressed by his forward-looking mindset, openness to innovation and unwavering commitment to enhancing Korea's global competitiveness."
Reuters
23-04-2025
- Business
- Reuters
India File: Monsoon windfall vs tariff headwinds
(This was originally published in the India File newsletter, which is issued every Tuesday. Sign up here to get the latest news from India and how it matters to the world.) Indian markets got a double-dose of good news last week from the country's government agencies, which forecast more plentiful-than-average monsoon rains while reporting easier-than-expected consumer inflation. Both bode well for economic growth, but will they be of much help in the face of global economic turmoil stirred up by U.S. tariffs? That's our focus this week. And, India's government has drafted a proposal to ease its nuclear liability laws, which have long hindered cooperation with foreign firms to develop the nuclear power sector. Scroll down for details. THIS WEEK IN ASIA ** China warns countries against striking trade deals with US at its expense ** South Korea finds 'Made in Korea' breaches intended to bypass US tariffs ** Nintendo faces trade war test with Switch 2 launch ** Early voting in Australia election begins, PM Albanese's party holds slender lead BLESSINGS OF THE MONSOON In India, people don't just talk about the weather, they rely on it - especially the annual monsoon rains - as a pillar of the economy, ensuring stable supplies of food, water and electric power. Nearly 45% of India's workforce and 15% of its GDP are tied to agriculture, so it was no small blessing last week when the India Meteorological Department forecast this year's monsoon would bring plentiful rains - about 5% above an average year. This is a rare bit of good news for the world's fifth-largest economy as it grapples with slowing growth and the fallout from U.S. President Donald Trump's erratic tariff policies, which threaten to stall the global economy. Climate change also looms as a threat to India, where droughts have routinely knocked growth by anywhere from 50-200 basis points a year since the start of the millennium, according to government estimates. Heatwaves and flooding have also become more frequent and are taking a heavy human toll. For now, the fortuitous monsoon forecast has helped to put a damper on prices of rice and cotton, where bumper harvests are more likely this year, while shares of fertiliser and seed companies rose in anticipation of strong demand. Analysts said it also lent support to India's stock markets, which were already on a recovery path with the best weekly gain last week in more than four years. "(The forecast) adds to the happy tidings on the food inflation front," said Dharmakirti Joshi, chief economist at Crisil. The government last week announced that India's retail inflation slipped to a more than five-year low as food prices continued to moderate, in part a lingering effect of last year's good monsoon. India's monsoons, typically lasting from June to September, deliver nearly 70% of the rain needed to water crops and recharge reservoirs and aquifers. Nearly half of the country's farmland lacks any irrigation, relying on the monsoon to grow a wide array of crops including rice, corn, pulses, cotton and soybeans. Analysts estimate that a bad monsoon can cut India's growth by 20-30 basis points. That's at a time when India, the world's fastest-growing major economy, has a lot at stake in the rural sector as stagnant wages and legacy inflation weigh on urban consumer spending. The central bank estimated growth for the financial year to next March at 6.5%, down from its earlier estimate of 6.7%. And while the government maintains that Trump's tariffs will not affect growth, private economists cite them as a major reason for cuts to growth forecasts of 20-40 basis points. If good rains help to further lower food prices, they could keep inflation within the central bank's comfort level and allow more rate cuts to stimulate growth. Crisil's Joshi warns, however, that the weather doesn't always bring good news. "Watch out for weather disruptions such as heatwaves," he said. Weather experts and agriculture scientists worry that above-average temperatures in March, following a warmer February, could damage winter-sown crops such as wheat, chickpeas and rapeseed. Some experts believe climate change is to blame in recent years for the heat waves during April-June, typically India's hottest months, followed by excessive monsoon rains that trigger floods. India recorded more than 40,000 suspected heatstroke cases last year as a prolonged heatwave killed more than 100 people. Temperatures in north India soared to nearly 50 degrees Celsius (122 degrees Fahrenheit). Torrential rain, floods and landslides kill scores of people every year and damage property and infrastructure. Last year, more than 200 people were killed after heavy rains triggered landslides in the southern state of Kerala, while heavy rains hit major cities such as New Delhi and Bengaluru as well. Can this year's monsoon help India weather the tariff-driven turbulence ahead? How should India respond to climate change and its influence on weather patterns? Write to me with your views at opens new tab. THE WEEK'S MUST-READ India is planning to ease its nuclear liability laws in hopes of attracting U.S. equipment suppliers, who have kept their distance for fear they'd risk unlimited exposure in the case of an accident. Prime Minister Narendra Modi's government aims to expand nuclear power capacity to 100 gigawatts over the next two decades, or 12 times the current capacity. Prospective imports of nuclear power equipment could also serve as a bargaining chip in trade negotiations with Washington. Don't miss this exclusive report about a draft law to remove the legal hurdle that has thwarted nuclear power development despite a landmark 2008 India-U.S. civil nuclear deal. MARKET MATTERS Indian stocks, bonds and the rupee have turned positive for 2025 on expectations of an improving domestic economy. Benchmark stock indexes on Monday logged their biggest five-day gain in four years, boosted by shares of financial services firms after large private-sector banks posted strong earnings.
Korea Herald
08-04-2025
- Business
- Korea Herald
AmCham releases business insight report amid tariff uncertainty
The American Chamber of Commerce in Korea announced Tuesday the release of its 2025 Business Environment Insight Report: APEC Special Edition, offering an in-depth analysis of Korea's regulatory landscape for US businesses. The report comes amid growing uncertainty in the bilateral trade environment, following the Trump administration's recent proposal of a 25 percent tariff on South Korean imports. In this context, AmCham emphasized the urgent need for Korea to enhance regulatory transparency, reduce duplicative policies and align with global standards. Released in anticipation of the 2025 APEC Economic Leaders' Week in Korea later this year, the report outlines key policy recommendations across 12 major sectors, including digital economy, energy and pharmaceuticals. It identifies around 70 unresolved or newly emerging regulatory issues impacting US companies. 'As challenges rise with the announcement of new tariffs, our confidence in the strength of the bilateral economic partnership remains unchanged,' said AmCham Chair and CEO James Kim. 'This report serves as a practical roadmap for improving market access and strengthening Korea's position as a competitive and reliable destination for global business.' The report also highlights the positive impact of the Korea Free Trade Agreement, which has significantly expanded bilateral trade. AmCham said it aims to work closely with both governments to foster sustainable growth and shared prosperity in the Asia-Pacific region.
Korea Herald
25-03-2025
- Business
- Korea Herald
AmCham hosts Alaska governor in Seoul for energy, trade talks
The American Chamber of Commerce in Korea is hosting Alaska Governor Mike Dunleavy for a two-day visit to Korea, starting Tuesday. The visit aligns with AmCham's ongoing 'Buy America' campaign, which promotes the competitiveness of US products and services. Accompanying the governor are representatives from Glenfarne Group, the lead developer of the Alaska LNG project, and the Alaska Gasline Development Corporation. Earlier in the day, the delegation held discussions on bilateral energy cooperation with Gyeonggi Province Governor Kim Dong-yeon and Korea Gas Corporation CEO Choi Yeon-hye. In upcoming meetings, Gov. Dunleavy is scheduled to meet with key Korean government officials — including acting President Han Duck-soo — as well as executives from major AmCham member companies such as SK Group and Posco Group. Discussions will focus on deepening US-Korea economic cooperation and advancing a strategic partnership. The meetings will center on areas such as energy, infrastructure and advanced manufacturing, while also supporting Korea's role as a global business hub. 'We are honored to welcome Governor Dunleavy and his delegation to Korea,' said AmCham Chairman and CEO James Kim. 'This visit reflects the strong US-Korea commitment to deeper economic ties. AmCham is proud to support initiatives like 'Buy America' and highlight Korea's role as a key global business partner.'
Korea Herald
09-03-2025
- Business
- Korea Herald
AmCham, North Gyeongsang Province to bolster economic cooperation
The American Chamber of Commerce in Korea and North Gyeongsang Province signed a memorandum of understanding on Friday to enhance economic cooperation and attract foreign investment ahead of the 2025 APEC Summit in Gyeongju later this year. The signing ceremony was attended by AmCham Chairman and CEO James Kim and North Gyeongsang Province Gov. Lee Cheol-woo, along with representatives from key AmCham member companies. Under the agreement, AmCham and the provincial government will collaborate to position the province as a key investment destination through joint promotional activities and networking events targeting multinational companies. "It is an honor to strengthen our partnership with North Gyeongsang Province at such a critical time. Signing this agreement in Gyeongju, the host city of the 2025 APEC Summit, makes it even more meaningful," said Kim, the AmCham CEO. He added that the collaboration would highlight the province's investment potential and South Korea's economic resilience on the global stage. Gov. Lee emphasized that the MOU will help enhance cooperation with global companies and create a business-friendly environment, further positioning the province as a major economic hub and a prime investment destination for US businesses.
