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Trade minister vows support for global firms

March 29, 2023 - 16:26 By Song Seung-hyun
Trade, Industry and Energy Minister Lee Chang-yang talks during the AmCham Doing Business in Korea Seminar 2023 held at the Grand Hyatt Seoul on Wednesday. (AmCham)

Trade, Industry and Energy Minister Lee Chang-yang pledged to make Korea a top investment-friendly country in the world during the 5th AmCham Doing Business in Korea Seminar 2023 held at the Grand Hyatt Seoul on Wednesday.

“Through various efforts such as establishing a support system for boosting corporate investment and attracting foreign investment, the Korean government will make Korea a country where global companies can boldly plan future investments,” Minister Lee said during his speech.

The seminar was hosted by the American Chamber of Commerce in Korea, under the theme “Mapping the Path to Success: The Case for Making Korea a Regional Hub."

This year’s event featured in-depth presentations and panel discussions on policies that the Korean government should consider to accelerate Korea’s journey to becoming regional headquarters across Asia.

Several key officials from Korean and US governments, including Minister Lee and US Ambassador to South Korea Philip Goldberg attended the event and shared their commitment to strengthening US-Korea collaboration.

“The global trade environment is evolving rapidly. As all countries are devoting their resources to revamping their high-tech industrial supply chain, the US-Korea bilateral economic alliance must be stronger than ever. The US and Korea have been working to promote common core values and are the best collaborative partners,” the minister noted.

AmCham Chairman and CEO James Kim talked highly about Korea’s future and showed support for the Korean government’s move to change the business environment.

“With the upcoming US-Korea summit in April, Korea has a lot at stake in establishing itself as a true global leader,” Kim said.

“AmCham fully endorses President Yoon Suk Yeol's vision to turn the Korean economy into a digital powerhouse that drives innovation and cutting-edge technologies." he added.

During the seminar, Henry An, chairman of the AmCham's board of governors and senior partner at Samil PricewaterhouseCoopers, also proposed seven key policies to enhance Korea’s competitiveness as a regional business hub, which included improving tax structure, ensuring labor market flexibility and mitigating CEO risk.

Another highlight of the seminar was a panel discussion on the topic of “Accelerating Korea as an Innovation Hub.”

Moderated by Jeffrey Jones, chairman of the Partners for the Future Foundation, the discussion included speakers from diverse companies doing business in Korea, including Pankaj Srivastava of Coupang, Oh Jin-young of Johnson & Johnson and Jeff Moomaw of Delta Air Lines.

Founded in 1953, AmCham Korea is the largest foreign chamber in Korea comprised of more than 800 member companies and affiliates with substantial participation in the Korean economy.