[Exclusive] "Korea Will Overcome Crisis Well"… AmCham Chairman Sent Email to Member Companies

President of the American Chamber of Commerce in Korea Sends Email to All Members
Reassures Members Following Declaration and Lift of Martial Law
"Korea Has Overcome Crises Well and Will Do So This Time Too"
Overseas Companies Show Little Turmoil Amid Confusion

James Kim, Chairman of the American Chamber of Commerce in Korea (AmCham), reportedly sent emails to companies that have entered or invested in South Korea immediately after the emergency martial law situation, requesting them to "avoid excessive concerns." Despite economic instability marked by a sharp drop in stock prices and a rise in exchange rates, the organization representing about 800 foreign companies related to Korea appears to be maintaining a calm atmosphere.

James Kim, Chairman of AmCham. Photo by Yongjun Cho jun21@

According to business circles on the 10th, Chairman Kim sent an email to AmCham member companies on the 4th, when President Yoon Suk-yeol declared martial law but it was lifted by a parliamentary resolution, reassuring them by saying, "Korea has always overcome crises well, and it will do so this time as well," and made this request. Kim further appealed, "If any special circumstances arise, we will promptly inform you based on facts, so please do not worry too much and have faith that the current situation will be resolved well and wait."

This response is interpreted as considering the possibility that member companies might hesitate to invest domestically due to anxiety amid the political turmoil. Thanks to Chairman Kim's email, AmCham member companies are reportedly proceeding with their core businesses relatively calmly without disruption. A business official said, "(Including AmCham member companies) foreign companies headquartered in Korea are conducting their businesses without major agitation," adding, "The situation where martial law was declared and lifted within three hours has rather instilled great confidence in Korea."

Along with the ongoing impeachment political situation, AmCham's role is growing as the Korean business community must prepare for the increasingly uncertain U.S. market with the inauguration of the 'Trump second-term administration' in January next year. On the 11th, the AmCham board will meet privately with Jung In-kyo, Director-General for Trade Negotiations, to broadly discuss various trade issues facing the Korean business community. The Ministry of Trade, Industry and Energy has regularly met with the AmCham board to monitor U.S. market trends, but this meeting was arranged earlier than originally scheduled at the ministry's request due to the urgent and serious situation.

The Korean business community is also striving to find economic opportunities by increasing connections with overseas business circles. The Korea International Trade Association held the ‘Korea-Sweden Strategic Industry Summit’ with the Swedish Trade and Investment Council at the Grand Hyatt Hotel in Yongsan, Seoul, the day before. At this event, the two countries strengthened cooperation by signing four memorandums of understanding (MOUs). Despite Swedish Prime Minister Ulf Kristersson recently canceling his visit to Korea, Swedish economic figures attended as planned. Jan Larsson, Chairman of the Swedish Trade and Investment Council, said, "We hope to combine the excellent manufacturing capabilities and innovative spirit of both countries to strengthen the competitiveness of strategic industries even in a rapidly changing environment." The Korea Economic Association plans to hold the ‘35th Korea-U.S. Business Council Meeting’ as scheduled on the 10th and 11th (local time) in Washington D.C., strengthening networks with local U.S. figures.