American Chamber of Commerce in Korea (AMCHAM Korea) Chairman and CEO James Kim, second from left, attends the Korea-U.S. Business Night Gala Dinner at the Great Hall of the Thomas Jefferson Building in Washington, Feb. 19. Courtesy of AMCHAM Korea

American Chamber of Commerce in Korea (AMCHAM Korea) Chairman and CEO James Kim said, Wednesday, recent reports claiming the U.S. Secretary of Commerce Howard Lutnick explicitly set a minimum requirement of over $1 billion for Korean investments to qualify for administrative incentives are "inaccurate." He made the remarks during an exclusive interview with The Korea Times.

Kim accompanied a Korean business delegation, which visited Washington last week to engage with key officials of the Donald Trump administration and the Republican Party, under the mission of preventing possible trade challenges from the new U.S. administration. Led by Chey Tae-won, chairman of SK Group and the Korea Chamber of Commerce and Industry (KCCI), the delegation comprised of top executives of major Korean companies.

However, major Korean news outlets have reported negatively on the two-day visit from Feb. 19 to 20, describing it as unsuccessful. They also claimed that Lutnick blatantly pressured Korean firms to invest more and that delegates were treated disrespectfully by U.S. officials.

"Media reports stating that $1 billion is a minimum threshold for investment benefits appear to be inaccurate," Kim said.

"My understanding is that Secretary Lutnick did not specifically request large-scale investments from Korean companies. Instead, he provided an overview of the Investment Accelerator Program, which offers dedicated personnel support to facilitate licensing and approval processes for investments of $1 billion or more. He also clarified that investments below $1 billion would still qualify for regulatory support."

The AMCHAM chairman also stressed that the idea of $1 billion for fast-track incentives is perceived in Korea as if it is a new standard that pressures Korean firms, but it is Trump's initiative for companies making sizable investments in the U.S.

"President Trump has been emphasizing investment incentives since his time as president-elect," Kim said, citing Trump's Truth Social post on Dec. 10, which reads: "Any individual or company investing more than $1 billion in the U.S. will receive expedited approvals and permits."

"The secretary of commerce's remarks should be seen as an explanation of how the Department of Commerce plans to support this policy at the administrative level," he added.

"During the meeting, Secretary Lutnick stressed that investing in the U.S. isn't just about financial returns — it's also about its broader importance to the country. He pointed out that industries like shipbuilding are critical not only for economic growth but also for national security. He also reaffirmed his commitment to reducing barriers for companies looking to invest."

Kim also refuted media reports that the delegation was poorly treated. They reported that Lutnick unilaterally canceled his planned meeting with the Korean delegation on Feb. 20 and only met with them on Feb. 21 morning for 40 minutes, by which time half of the delegation had already returned to Korea.

Kim said the KCCI prepared for two scenarios — meeting with either the secretary or the deputy secretary of commerce because of uncertainties surrounding Lutnick's Senate confirmation. If the secretary had not been confirmed by Feb. 20, the delegation was set to meet with the deputy secretary.

"Even after his confirmation, the timing of his swearing-in remained uncertain, leading to ongoing discussions about whether the meeting would be with him or his deputy. Ultimately, after learning about the request, Secretary Lutnick directed his team to reschedule our meeting to the morning of Feb. 21," Kim said.

"The fact that this meeting took place just three hours before his swearing-in ceremony speaks volumes about his commitment. It was a significant gesture, demonstrating his dedication to strengthening economic ties and cooperation between Korea and the U.S. at such a pivotal moment."

U.S. Commerce Secretary Howard Lutnick speaks after being sworn in at the Oval Office of the White House in Washington, Feb. 21. UPI-Yonhap

Regarding the delegation's approach that Korea's additional investments would come with large-scale U.S. projects that create synergy between the two countries, Kim said the United States also showed positive responses, recognizing Korea's proposals align well with ongoing policy discussions within the current Trump administration, and the two countries' partnership should go beyond boosting trade.

Kim also threw doubts on the accuracy of media reports claiming that many influential Republican politicians missed the Korea-U.S. Business Night Gala Dinner, hosted by the KCCI on Feb. 20, due to the Conservative Political Action Conference on the same night.

According to Kim, Georgia Gov. Brian Kemp and Senators Todd Young of Indiana and Pete Ricketts of Nebraska were among the notable Republican attendees of the event. Georgia is the destination of Korean companies' investments in electric vehicles and renewable energy, while Indiana hosts major investments from SK hynix and Samsung SDI.

"I have no reason to believe that President Trump will express negativity toward Korea," Kim said. "In fact, I remain optimistic that the relationship under the Trump 2.0 administration will be even stronger."

He noted that Trump's possible visit to Korea on the occasion of the Asia-Pacific Economic Cooperation (APEC) summit in Gyeongju, North Gyeongsang Province, would "send a strong signal about the U.S.' commitment to regional economic engagement," but it is also possible that he may visit Korea even earlier, particularly if there are pressing trade or investment discussions.

American Chamber of Commerce in Korea (AMCHAM Korea) Chairman and CEO James Kim, right, speaks with U.S. President Donald Trump in this June 2019 photo. Courtesy of AMCHAM Korea

Meanwhile, AMCHAM Korea said Wednesday that it will launch a series of "Buy America" campaigns to drive greater purchases of American products by Korean companies. The initiative follows Kim's remarks during the gala dinner that AMCHAM is dedicated to fostering a more balanced and mutually beneficial trade relationship between the two countries.