AmCham seminar explores Korea’s potential as regional business hub

Korea’s Trade Minister Cheong In-kyo (fifth from left), American Chamber of Commerce CEO James Kim (sixth from left) and US Ambassador to South Korea Philip Goldberg (fourth from right) along with other government and business representatives pose for a picture at the Doing Business in Korea Seminar 2024 at the Grand Hyatt Seoul, Tuesday. (AmCham)

The American Chamber of Commerce in Korea hosted the sixth Doing Business in Korea seminar on Tuesday to explore strategies for bolstering Korea’s competitiveness as a regional business hub in the Asia-Pacific region.

This year’s event was held at a Seoul hotel, drawing participation from officials and policymakers from the Korean and US governments, as well as representatives from domestic and foreign companies.

AmCham CEO James Kim stated in his opening remarks, "Given Korea’s strengths in economic fundamentals and expertise in critical and emerging technologies, we believe that Korea stands at a significant juncture to establish itself as a regional headquarters in the Asia Pacific.”

"Korea should not take a second seat to any country here in Asia," he added.

Korea’s Trade Minister Cheong In-kyo shared his insights on the importance of the strategic synergy between Korea and the US within the evolving global trade landscape.

"The economic security alliances, high-tech industries, and supply chain collaborations have forged stronger ties between Korea and the US than ever before," Cheong said, attributing the bilateral partnership as a crucial asset in addressing challenges like competition for high-tech industrial leadership and geopolitical complexities.

Philip Goldberg, US ambassador to South Korea, also expressed high hopes for Korea to attract more international businesses.

“Managing an economy as sophisticated as Korea’s is not easy, and there is always room for improvement,” he said. “We encourage and look forward to collaborating with the Republic of Korea to continue developing foreign investment-friendly practices.”

Recognizing Korea’s immense potential as a regional hub and acknowledging challenges such as regulatory unpredictability, AmCham recently published a comprehensive report titled “Korea as an Asia-Pacific Regional Headquarters.”

Under the theme of “Korea at the Crossroads: Key Policy Agenda to Make Korea a Regional Headquarters,” Tuesday’s event featured in-depth presentations and panel discussions on policies aimed at accelerating Korea’s journey to becoming a regional headquarters.

By Hwang Joo-young(flylikekite@heraldcorp.com)