Amcham Meets with Labor Ministry: "Yellow Envelope Act Must Fully Reflect Industry Perspectives"

Amcham Holds High-Level Meeting Series with Ministry of Employment and Labor
Event Takes Place at Conrad Seoul Hotel in Yeouido
Attended by Vice Minister Kwon Changjun and Others; Key Issues Discussed
"Pursuing Policies that Support 'Genuine Growth'"

The American Chamber of Commerce in Korea (Amcham) emphasized that the perspectives of the business community must be thoroughly reflected in relation to the "Yellow Envelope Act" (amendments to Articles 2 and 3 of the Trade Union and Labor Relations Adjustment Act) during the "High-Level Meeting Series" held at the Conrad Seoul Hotel in Yeouido on the 19th, in a meeting with Kwon Changjun, Vice Minister of Employment and Labor.

James Kim, CEO of the American Chamber of Commerce in Korea, is speaking at the "High-Level Roundtable Series" session held on the morning of the 19th at the Conrad Seoul Hotel in Yeouido. On the left is Kwon Changjun, Vice Minister of Employment and Labor. Photo by AmCham

James Kim, Chairman and CEO of Amcham, stated at the breakfast meeting, which was the first session of the series held that morning, "For the Yellow Envelope Act, it is most important that the task force with the Ministry of Employment and Labor fully incorporates the views of the business sector." He added, "To support this, Amcham is currently conducting a survey of its member companies and will soon share specific policy recommendations."

The meeting was attended by Vice Minister Kwon and executives from major domestic and international companies, who discussed the direction of the new government's employment and labor policies, as well as tasks for revitalizing Korea's economy. In particular, this meeting was significant as it marked the second high-level dialogue between Amcham and the Ministry of Employment and Labor this year, following a previous meeting with Minister Kim Younghoon on August 14.

Chairman Kim described the meeting series as "a future-oriented platform where the Korean government and the global business community can continue constructive dialogue." He emphasized, "For Korea to establish itself as a key hub in the Asia-Pacific region, it is essential to improve the overall business environment, and at the center of this is labor flexibility."

He further pointed out, "Currently, the number of regional headquarters in Korea is fewer than 100, which is far behind Singapore (about 5,000) and Hong Kong (about 1,400)." He stressed, "The next five years present a golden opportunity to narrow this gap."

Vice Minister Kwon, who attended the meeting, shared the new administration's main directions for employment and labor policies and listened to challenges faced on the ground. He stated, "There are many areas where close cooperation is needed between Korean and American companies, and between labor and management, to secure global competitiveness and achieve sustainable growth." He urged, "We ask foreign companies to play a responsible role and demonstrate leadership to promote the mutual interests of their home countries and Korea." He added, "The government will also listen more and consider issues more deeply, and will pursue policies that support 'genuine growth' for both companies and workers."