Martial Arts and Videnomics Era: Strategies for Entering the US Market

[Asia Economy Reporter Hwang Yoon-joo] The Korea International Trade Association (KITA) held a seminar titled 'Doing Business in the U.S: Business Environment Outlook and U.S. Market Entry after the U.S. Presidential Election' on the 24th at COEX in Samseong-dong, jointly with the U.S. Embassy in Korea and the American Chamber of Commerce in Korea (AMCHAM).

The event featured speakers such as Douglas Bell, Trade Policy Leader at the global consulting firm Ernst & Young (former Deputy Assistant Secretary of the U.S. Treasury), and Greg Briscoe, Commercial Counselor at the U.S. Embassy in Korea, who presented business environment forecasts through policy analysis by major industries following the U.S. presidential election. At the same time, consultations were provided on various fields including U.S. investment environment, visa systems and permanent residency, information and communication technology (IT), and finance.

In his presentation, former Deputy Assistant Secretary of the Treasury Douglas Bell stated, “The Biden administration is expected to take a tough stance on relations with China, but there will be changes in tariff policies toward allies and others,” adding, “In particular, the importance of green economy policies is expected to emerge.”

Robert Rapson, Deputy Chief of Mission at the U.S. Embassy in Korea, said, “The U.S. is Korea’s largest investment destination, and investment in the U.S. continues to increase,” emphasizing, “This means that Korean companies see the U.S. market as a land of opportunity with sustainable growth,” urging Korean companies to actively enter the U.S. market.

Cho Hak-hee, Head of the International Business Division at KITA, said, “President-elect Biden is expected to implement broad economic stimulus measures such as expanded fiscal spending, which will open more opportunities for Korean companies,” adding, “As a new international trade order is established with the launch of the Biden administration, it is necessary to respond meticulously to economic and trade policies in each sector.”