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| American Chamber of Commerce in Korea Chairman James Kim |
With the new Korean government in place amid rising geopolitical tensions, we are seeing a unique window of opportunity for Korea to emerge as a regional hub in Asia over the next two years.
At American Chamber of Commerce in Korea (AMCHAM), we firmly believe Korea is well positioned to emerge as a regional business headquarters. We appreciate that the Korean government has recognized the importance of foreign direct investment (FDI) inducement and shown that they value stakeholder input from the international business community. We are seeing more interest than ever from U.S. companies in investing in Korea across various industries. We already have seven boards of governors running Asia from Korea. The relocation of the New York Times Asia Headquarters from Hong Kong to Seoul is also a powerful testament to the attractiveness of Korea. It will become even more telling as more companies appoint heads of Asia to be stationed here in Korea.
AMCHAM had the opportunity to meet with then candidate Yoon Suk-yeol last December to discuss his vision for his presidency. Among his many goals, there were a few that are critical to American businesses in Korea. This includes supply chain issues that have plagued many of our businesses over the past several months. He also talked about increasing cooperation on strategic industries, such as biopharma, semiconductors and digital technology.
President-elect Yoon Suk-yeol also wants to revitalize the post-pandemic economy through regulatory reform, related to tax and labor. As Korea still ranks unfavorably in the region in terms of stringent regulations for business, this is essential for facilitating innovation and activity by foreign companies in Korea. Korea can increase its economic dynamism and become attractive to foreign investors by adjusting to meet global standards. Korea's corporate and individual tax regime could be made much more competitive compared to its peer countries in Asia. More flexibility could also be introduced to labor laws, and compliance costs could be reduced to make Korea an even more attractive place to invest and do business.
AMCHAM is committed to being a trusted resource to deepen the enduring bilateral partnership between the U.S. and Korea and to make Korea the best business destination for global companies in Asia. President-elect Yoon Suk-yeol's leadership and dedication is vital to building momentum and securing Korea's position as regional headquarters. AMCHAM is aligned with President-elect Yoon Suk-yeol on these initiatives, and we look forward to working closely with him and other foreign chambers to usher in the next phase of growth for Korea.
