Lunch Meeting with James Kim, AmCham Chairman, on the 3rd
James Kim, Chairman and CEO of the American Chamber of Commerce in Korea (AmCham), stated on the 3rd that "it is essential to create a regulatory environment that meets global standards in order to fully realize the potential of the Republic of Korea."
On the same day, Chairman James Kim held a luncheon meeting with Lee Bok-hyun, Governor of the Financial Supervisory Service, at the Grand Hyatt Seoul Hotel and made these remarks. About 100 representatives and officials from various global companies, including the financial industry, also attended the event.
The American Chamber of Commerce in Korea (AMCHAM) held a luncheon meeting on the 3rd at the Grand Hyatt Seoul Hotel, inviting Lee Bok-hyun, Governor of the Financial Supervisory Service. The photo shows the attendees posing for a commemorative photo. Photo by Han Ye-ju
Chairman James Kim said, "According to the '2024 AmCham Domestic Business Environment Survey,' Korea ranked second in the region for the third consecutive year as the preferred location for Asia regional headquarters after Singapore, reaffirming its attractiveness as an investment destination for multinational companies. However, the reality is that there are about 5,000 Asia-Pacific regional headquarters of global companies based in Singapore, about 1,400 in Hong Kong, but fewer than 100 in Korea."
He added, "There is absolutely no reason for Korea to lose the number one spot to other competing countries in Asia. Considering Korea’s world-class digital infrastructure, innovation, and strong economic fundamentals, now is the perfect time for Korea to establish itself as the Asia-Pacific region’s business innovation hub."
He continued, "The AmCham domestic business environment survey also confirmed that Korea’s unique regulations and digital financial policies are the two most important areas affecting the business environment in Korea. I sincerely thank Governor Lee Bok-hyun of the Financial Supervisory Service for his vision and leadership regarding the future of Korea’s financial services industry and his commitment to active communication with AmCham member companies," he emphasized.
Financial Supervisory Service Governor Lee Bok-hyun and James Kim, Chairman and CEO of AmCham, are having a luncheon meeting at the Grand Hyatt Hotel on the 3rd. [Photo by AmCham]
In response, Lee Bok-hyun, Governor of the Financial Supervisory Service, said, "AmCham has highly evaluated Korea’s potential as a host country for Asia-Pacific regional headquarters of global companies. The financial authorities deeply agree with AmCham’s assessment and will actively identify and boldly improve regulations that do not meet global standards and hinder the sound growth of companies."
He also stated, "In particular, we will work with relevant ministries to reasonably reform major constraints for foreign companies entering Korea, such as labor market rigidity, high tax rates, and complex taxation standards, which were presented in AmCham’s strategic report in March 2024. If Korea becomes a global hub encompassing both finance and business, companies operating in Korea, including AmCham member companies, will be able to grow competitively in the global market based on smooth corporate activities, diverse collaboration opportunities, and innovative next-generation technology development."
Furthermore, he added that the real estate project financing (PF) risk, previously identified as an economic uncertainty factor, will be addressed by distinguishing between good and bad projects to resolve market uncertainties and promote virtuous capital circulation, thereby turning risk factors into opportunities for economic growth. They also discussed cooperation regarding the recently announced 'Corporate Value-Up Program' by the government to advance corporate governance and enhance the value of listed companies, as well as the program’s impact on the domestic stock market and foreign direct investment.
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