Minister Kim Jeong-Kag: "U.S. Foreign-Invested Companies Are Valuable Partners"

On January 9, Kim Jeong-Kag, Minister of Trade, Industry and Energy, stated, "We will ensure that foreign-invested companies doing business in Korea are not subject to any discrimination compared to Korean companies."

Kim Jeong-Kag, Minister of Trade, Industry and Energy, is speaking at a meeting hosted by the American Chamber of Commerce in Korea (AMCHAM) held at the Government Seoul Office in Jongno-gu, Seoul on the 9th. Photo by Jo Yongjun

At a closed-door meeting with the American Chamber of Commerce in Korea (AMCHAM) held at the Government Complex in Gwanghwamun, Seoul that afternoon, Minister Kim said, "Every company operating in Korea is a Korean company, and every foreign-invested company that invests in Korea is valuable. It is my responsibility to ensure that doing business in Korea is more beneficial than doing business in any other country." He added, "Since the recent conclusion of the customs negotiations, Korea-U.S. cooperation has entered a new chapter. We look forward to the continued investment of AMCHAM member companies."

This meeting was organized to exchange views on the direction of economic cooperation between Korea and the United States, as well as policy tasks for improving Korea's investment and regulatory environment and strengthening industrial competitiveness. Executives from global companies representing major industries in Korea-U.S. economic cooperation attended, including Hyundai Motor Group, POSCO Group, Apple Korea, GM Korea, Bloom Energy, Lam Research Korea, UL Solutions, Citibank Korea, AstraZeneca, Roche Korea, and Novelis Korea.

The companies discussed practical policy issues such as regulatory rationalization, enhancing predictability in the investment environment, and expanding cooperation in new industries, innovation, and advanced manufacturing. They also shared opinions on bilateral customs negotiations and the foreign investment incentive system.

James Kim, Chairman and CEO of AMCHAM, said, "We support President Lee Jaemyung's vision and Minister Kim Jeong-Kag's leadership in strengthening global competitiveness, focusing on the five major future strategic industries-ABCDE (AI, Bio, Cultural Content, Defense Industry, and Energy). For this, regulatory alignment between the two countries is more important than ever." He continued, "As artificial intelligence advances and geopolitical uncertainties increase, the Korea-U.S. economic partnership is a key pillar supporting economic security and sustainable growth. AMCHAM will play a practical role in helping Korea establish itself as a hub in the Asia-Pacific region."