AMCHAM Korea

AMCHAM Board of Governors' Meeting

April 23, 2020 (Seoul) - On April 23, 2020, the American Chamber of Commerce in Korea (AMCHAM Korea) held the Board of Governors’ (BOG) Meeting at the Grand Hyatt Seoul. The event allowed Board members to participate both virtually and in-person, continuing AMCHAM’s efforts to get “back to work” safely amid the COVID-19 pandemic. The meeting discussed the state of the COVID-19 pandemic, the impact of the recent April 15 elections, and AMCHAM’s efforts, including advocacy activities and the newly launched webinar series.

2020.04.23

[Webinar] Surviving COVID-19: Force Majeure, Government Support & Other FAQs

April 22, 2020 - The American Chamber of Commerce in Korea (AMCHAM) hosted a webinar on April 22 with the theme “Force Majeure, Government Support & Other FAQs.” The guest speakers were Robert Young, Michael Chang and John Kim, senior foreign attorney and Kyoung Soo Chang and Young-Seok Ki, partner from Shin & Kim. About the SpeakerRobert Young, Senior Foreign Attorney, Shin & KimRobert C. Young is a senior foreign attorney of Shin & Kim and has been a foreign attorney in Seoul, Korea since January of 1998. Robert specializes in the areas of mergers and acquisitions, real estate and general corporate matters.As a result of his broad experience in mergers and acquisitions, private equity and foreign investments, he has been engaged in many high-profile cross-border transactions, leveraged buyouts, restructuring M&As, joint ventures and alliances. Robert also has assisted private equity funds (onshore and offshore) and venture capital with establishment, investments, operations and eventual listing or strategic sale.Click to view SPEAKER’S FULL BIOMichael Chang, Senior Foreign Attorney, Shin & KimMichael is a senior foreign attorney at Shin & Kim whose principal areas of practice are banking & finance, infrastructure, energy and M&A. Michael has broad ranging commercial law experience across a number of jurisdictions, including Australia, Singapore, Indonesia, Cambodia, the Philippines, Peru, USA, Canada and Vietnam. He has acted for banks, infrastructure funds, strategic investors and governmental agencies in a wide range of sectors, including infrastructure, media, power, mining, property development, hotels and transport. His clients have included Macquarie Bank, The Walt Disney Company, Shinhan Bank, Kohler Co., John Deere & Co., Kookmin Bank, Thomson Reuters, ACE Insurance, Standard Chartered, Australia and New Zealand Banking Corporation, Woori Bank and Volvo Financial Services.Click to view SPEAKER’S FULL BIOKyoung Soo Chang, Partner, Shin & KimMr. Kyoung Soo Chang is a partner at Shin & Kim. Mr. Chang’s main areas of practice include Real Estate, Labor and M&A.[Education]2009: University of Washington School of Law (LL.M.)1995: Seoul National University, College of Social Science (B.A.)?[Professional Career]2003-Present: Shin & Kim LLC2001-2003: Judicial Research & Training Institute, the Supreme Court of KoreaClick to view SPEAKER’S FULL BIOYoung-Seok Ki, Partner, Shin & KimMr. Young-Seok Ki is a partner at Shin & Kim. Mr. Ki’s main areas of practice include labor and employment matters, labor disputes, corporate governance, mergers & acquisitions, hostile takeovers and general corporate transactions.Mr. Ki received a LL.M. from University of Washington School of Law and worked as a foreign associate at Allens Arthur Robinson’s Ho Chi Minh office in Vietnam. Click to view SPEAKER’S FULL BIOJohn JungKyum Kim, Senior Foreign Attorney, Shin & KimJohn JungKyum Kim is a senior foreign attorney at Shin & Kim whose principal areas of practice are insurance, banking & finance and corporate. Mr. Kim advises leading global insurers, reinsurers, producers, policyholders, insured parties and other interested parties on matters such as the formation and licensing of insurers/reinsurers and related business entities, drafting and negotiating insurance and reinsurance related commercial contracts, outsourcing of information technology and other forms of business delegation, product development and policy wording, marketing and solicitation practices, coverage opinions and disputes, sale and purchase of businesses, transactions between affiliates and subsidiaries, international and cross-border sales of insurance/reinsurance, regulatory compliance, insolvency proceedings and government relations on behalf of clients in the insurance industry. In addition, he actively supports clients in hotels and casino, healthcare, technology and media, education, energy and other multinationals in an array of diverse matters involving regulatory compliance, employment and labor, transactional and dispute resolution work.Webinar BriefWhile at the moment, South Korea seems to have flattened the curve since the outbreak first began in late January, the COVID-19 situation continues to evolve. AMCHAM Korea hosted a morning webinar featuring partners from Shin & Kim on some of the most commonly asked questions they have been receiving from clients on the impact of COVID-19 on their business in Korea. Our speakers have focused on key issues - as well as government measures & policies - relating to the:? 1) Real estate & hospitality sectors;- Government Measures to Assist Landlords/Tenants?Government orders premises to be closed or restricts useLandlord voluntarily reduces rent (“Good Landlord Program”)Other benefits / incentives- Key Issues & Implications ? Real Estate?Use of force majeure to terminate, delay or relieve performance obligations under a lease agreementOther relevant statutory/legal rights 2) Insurance industry;Global Impact on Lines of InsuranceOverview of Business Interruption CoverageExclusions to Business InterruptionThe Korean “Package Insurance” PolicyInterruption of “Physical Damage”Preliminary Korean Governmental Policy StatementsInsurance Checklist 3) Labor & employment implications - Key Issues & Implications LaborObligation to Prevent, Protect and RespondBe Proactive by Checking Available Measures - Manage Labor CostGovernment Measures for Employers/EmployeesFull DetailsPlease refer to the following link for full content access on AMCHAM webinar:https://youtu.be/fHmcBavB_cA

2020.04.22

[CNBC] Squawk Box Interview - James Kim, AMCHAM Korea Chairman & CEO

[CNBC] Amid the rapid changes caused by COVID-19, there is optimistic recovery progress of American businesses in Korea. Many companies are adapting quickly and finding success in unexpected ways amid these times of uncertainty. It is critical to continue to build on the rock-solid U.S.-Korea economic partnership and ensure that we survive emerge stronger together.? For a full contents review, please visit?https://www.youtube.com/watch?v=0l3oVv2wJYo&t=2s

2020.04.21

[Webinar] COVID-19 Impact on Workforces: Paradigm Shift & Shared Experience

April 14, 2020 - The American Chamber of Commerce in Korea (AMCHAM) hosted a webinar on April 14 with the theme “COVID-19 Impact on Workforces: Paradigm Shift & Shared Experiences.” The guest speakers were Eun-Mi Chae from FedEx Express, Dawn M. Stark from Seoul Foreign School and Christina Ahn from Stanton Chase Korea. About the SpeakerEun-Mi Chae, Managing Director, FedEx ExpressEun-Mi Chae is Managing Director of FedEx Korea. She oversees all of the company’s operations in Korea, a fast-growing market for express shipping and logistics service, and executes the overall strategies.Chae has more than 25 years of experience in working in express shipping and airlines. Prior to joining FedEx, she worked for Korean Air and Flying Tigers, where at the age of 28 she became the youngest division manager in Korea’s airline industry. Click to view SPEAKER’S FULL BIO? Dawn M. Stark, Assistant Head of School, Seoul Foreign SchoolDawn M. Stark a is a senior development professional with more than 15 years of experience. She is a Certified Fundraising Executive of which there are now eight in Korea. Currently, she serves as Assistant Head of School, External Relations for Seoul Foreign School. This is a newly created position for the school to strategically move the mission forward by securing resources, connecting Alumni, and communicating the impact of the 108 year legacy.Click to view SPEAKER’S FULL BIO Christina Ahn, Managing Partner, Stanton Chase KoreaChristina Ahn is the Managing Partner of the Leadership Assessment and Consulting practice at Stanton Chase Korea. As a certified expert in various leadership assessment methodologies, Christina assists organizations with assessment, development, and coaching for senior leaders and organizations. In addition, Christina is the lead partner in driving Diversity & Inclusion initiatives in the Seoul office, providing clients with expertise and guidance on how to link business results with D&I initiatives through strategic talent selection and management.Click to view SPEAKER’S FULL BIOWebinar BriefThe COVID-19 outbreak has led to a paradigm shift in the workplace and introduced us to a new way of life. Review our free webinar on the topic, “COVID-19 Impact on Workforces: Paradigm Shift & Shared Experience” with guest speakers Eun-Mi Chae, Managing Director of FedEx Express, Dawn M. Stark, Assistant Head of School of Seoul Foreign School, and Christina Ahn, Managing Partner of Stanton Chase Korea. As top executives of global companies, they will share their expertise on supporting the workforces in times of uncertainty.1. C-Level Executive Survey & Interview ResultsIn this section, the webinar covered key managerial decision surveys and C-Level executives’ opinions about the impact of COVID-19. Few questions include: - How has WFH (Work from home) evolved for your company in the past few months?- Key challenges of WFH based on your observations - Is long-term WFH feasible in Korea, why or why not?- Other long-term implications of WFH?- What are your thoughts on the long-term implications of WFH in Korea? 2. 4.14 Webinar Live Poll Results?In this section, the webinar conducted a live poll with a participation rate of 50%, assessing the merits and drawbacks of WFH based on the 4 themes which follow as: - WFH Prevalence & Productivity- Advantages & Disadvantages- Satisfaction, Teamwork & Trust- WFH Impact on Working Women 3. Emerging WFH ThemesIn this section, various themes and concerning variables were brought up and discussed to better reveal the true consequences of long term WFH regarding managerial trust. 4. WFH Impact on Working WomenIn this section, the speakers summarized the various impact WFH can have on women workforce and the negativity of responsibility falling on women. 5. Key Implications for the Future of WorkThis section concludes the WFH impact from COVID-19 and at the same time, emphasizes the change in variables for a workforce paradigm shift. A few examples include: - Digital Transformation- Societal and Cultural Shift- Generational Differences- Company Culture Even More Critical- More Empowerment of EmployeesFull DetailsPlease refer to the following link for full content access on AMCHAM webinar:https://youtu.be/DfeiUwP19Ag

2020.04.14

[Webinar] Employment law issues related to COVID-19

April 9, 2020 - The American Chamber of Commerce in Korea (AMCHAM) hosted a webinar on April 9 with the theme “Employment law issues on COVID-19.” The guest presenters were Hyun Jae Park, Matthey F. Jones, Sung Min Won and Yunjoh Lee from Kim & Chang. About the SpeakerHyun Jae Park, Attorney, Kim & ChangHyun Jae Park is an attorney at Kim & Chang’s Labor & Employment, Mergers & Acquisitions and Privacy & Data Security Practices.?Mr. Park advises multinational employers on all aspects of employment and labor related matters including employment policies and benefits, performance management and termination, employment litigation, business restructuring, employee data privacy, labor management relations, collective bargaining negotiation, employment and labor related issues in M&A and post-merger integration.Click to view SPEAKER’S FULL BIOMatthew F. Jones, Attorney, Kim & ChangMatthew F. Jones is a senior foreign attorney at Kim & Chang. He primarily practices in the area of labor & employment.?Mr. Jones advises multi-national clients doing business in Korea on day-to-day legal issues affecting the workplace, including employee discipline and terminations, unions and collective bargaining negotiations and strategy, workforce reductions, workplace privacy, employment contracts, labor-related issues in M&A, crisis management, immigration issues and other human resources issues. He has also overseen and conducted hundreds of internal investigations involving allegations of employee misconduct.Click to view SPEAKER’S FULL BIOSung Min Won, Attorney, Kim & Chang[Experience]- Kim & Chang (2018-Present)- Vice President, McDonald’s Korea (2010-2018)- Senior Regional Counsel, McDonald’s APMEA & General Counsel, McDonald’s Korea (2005-2009)- Lee & Ko (2003-2005)- International Procurements Officer, Defense Procurement Agency, Ministry of National Defense of Korea (2000-2003)Click to view SPEAKER’S FULL BIOYunjoh Lee, Attorney, Kim & ChangYunjoh Lee is a senior attorney at Kim & Chang, and focuses her practice on advising clients in the life sciences, animal health, food, and cosmetics industries.Ms. Lee has extensive experience advising multinational companies in the pharmaceutical and medical device industries. She helps major multinational companies navigate the hurdles of doing business in Korea’s challenging environment, including complex regulations and active enforcement by Korean authorities. She also advises multinational companies in these industries to plan and implement acquisitions, divestitures, restructuring and realignment of their businesses in Korea. Ms. Lee also advises companies on the formation and operation of co-promotion, co-marketing, and distribution relationships and other business alliances with local partners. Click to view SPEAKER’S FULL BIOWebinar Brief 1. Cost Reduction Measures & Subsidies In this section, the webinar covered the various cost reduction measures that are available to companies under Korean law, such as encouragement to use annual leave, business suspension and layoffs. In addition to measures that companies can implement unilaterally, several measures were covered that companies can implement with consent of the employees. On the topic of business suspension, which may take the form of full suspension or reduced working hours, the “employment maintenance subsidy” was mentioned. It is available under Korean law to support companies that must pay 70% of average wage to employees during the period of the business suspension, including the requirements to apply for the subsidy, the amount of the subsidy, how long the subsidy lasts and what restrictions apply while receiving the subsidy. 2. Work from Home With the Korean government’s announcement on April 4, 2020 that it will extend the social distancing campaign that began on March 22, 2020 for another two (2) weeks, many companies are extending work from home arrangements. In this section, the speakers discussed legal issues that may arise while employees work from home, including the legal rights of employers to enforce work from home, the legal right to call employees back to work, obligations to compensate for home utilities when a company asks employees to work from home and whether employees are still covered by workers’ compensation insurance. 3. Guidelines to Protect Employees’ Health In this section, the speakers summarized the guidelines in place about travelling from overseas to Korea. This part covered the 14 day self-quarantine requirement, including where the quarantine can be served, how the Korean government enforces it as well as the criminal and civil consequences of violating the quarantine requirement. The speakers also explained what companies should do when a case of COVID-19 is confirmed at their work place. As part of this, we pointed out the privacy law issues to consider when informing other employees at the company about the confirmed case. * Summary of key points of Korean law and MOEL guidelines regarding the COVID-19 pandemic, including the new guidelines regarding working from home; * Overview of cost reduction tools available under Korean law, both with employee consent and without employee consent; * Process of applying for government subsidies when an company implements a temporary business suspension; * Responding to common questions that we have received from our clients regarding COVID-19. Full DetailsPlease refer to the following link for full content access on AMCHAM webinar:https://youtu.be/YhmSdgviqvg

2020.04.09

[News Article - OPED] '70년 동맹' 한미공조로 코로나 극복을

[제임스 김 주한미국상공회의소 회장] [매일경제] 진짜 국력은 위기 상황일수록 더 잘 드러난다고 한다. 코로나19 확산에 맞서 대한민국 정부와 국민의 대응은 대한민국 역량을 여실히 드러내 주고 있다. 한국은 중국 외 대규모 확산을 겪은 첫 번째 국가였지만 드라이브 스루 진료소, 한국발 여행객에 대한 공항 내 3단계 발열 검사 등과 같은 혁신적 검사법, 신속한 진단, 그리고 투명한 정보 공개를 통해 민주적 방식으로 바이러스 확산 억지가 가능함을 전 세계에 보여주고 있다.결과적으로 한국은 가장 위험할 수 있다고 생각되었던 순간에 가장 현명한 방법으로 대처하여 강력한 행정력과 단결력을 보여주었다. 하지만 한국 내 미국 재계 연합체인 주한미국상공회의소 회장 관점에서 볼 때 한국의 이러한 행보는 놀라우면서 동시에 놀랍지 않은 일이었다. 코로나 사태를 통해 재확인된 한국의 역량과 천연색은 전쟁의 폐허를 현재의 경제 대국으로 성장시킨 대한민국의 유전자와 일맥상통한다. 이러한 특성을 잘 알고 있는 미국 기업들은 작년 한 해에만 한국에 68억달러를 투자하였으며, 46만여 명을 고용하고 있다. 한편 코로나19 사태로 인해 다수의 국내 산업이 경제적 손실을 겪고 있는 현 상황에서 미국 재계가 이를 극복하기 위해 힘을 보태고 있다는 사실이 자랑스럽다.한국 경제는 가용한 모든 방법을 동원하여 현재의 어려운 상황을 헤쳐나가고 있으며, 미국에서 개발된 여러 혁신 기술이 그 극복 과정에서 상당한 기여를 하고 있다. 한국 국민은 미국 IT 기업이 제공하는 클라우드 서비스를 통해 일과 배움을 이어가고 있고, 미국산 의료기기와 의약품이 코로나바이러스 환자들의 완치에 중추적인 역할을 맡고 있다.현 사태를 타개하는 데 긴요했던 해결책들은 우리가 코로나19 이후 시대(Post-COVID-19)에 접어들며 더욱 빛을 볼 수 있으리라 생각한다. 새로운 경제 상황을 마주할 때 대한민국 정부는 코로나19 사태를 통해 얻은 교훈을 잊지 않고 더욱 민첩하고 주도적으로 혁신을 장려하고 국내 기업과 글로벌 파트너 간 협력을 도모해야 할 것이다. 공중 보건뿐 아니라 경제 효율성도 극대화할 수 있도록 헬스케어부터 클라우드까지 다양한 산업군이 새로운 기술을 쉽게 활용할 수 있는 미래지향적 기업 환경이 조성되어야 할 것이다.이를 위해 변함없이 끈끈한 한미 간 경제적 협력 관계가 양국 경제 회복에 중추적인 역할을 할 것이다. 작년 우리 두 나라 간 상품 무역 규모는 1340억달러를 달성하였으며, 관광·항공업을 포함한 서비스 무역 또한 360억달러 규모였다. 양국 경제가 코로나 사태에서 회복하기 위해서는 최근 한국산 진단시약의 대미 지원이나 한미 간 통화스왑과 같이 상품·인적 교류가 지속 가능하도록 긴밀히 협력하는 것이 필수다. 코로나19 확산을 방지하기 위한 신중한 대응도 중요하지만 우리의 공동 목표는 최단 시간 내 정상화이기 때문이다.코로나19 유행은 대한민국의 힘을 다시 한 번 드러내는 계기임과 동시에 한미 동맹의 굳건함을 증명하는 기회이기도 하다. 70년 넘는 세월 속에서 한국과 미국은 각자 상황의 부침과 무관하게 서로에게 안보·경제·인적 교류에 있어 강력한 우방이었다. 한국 내 미국 재계는 한국 정부와 국민에게 경의를 표하며, 지금까지 그래왔듯 앞으로도 대한민국의 코로나19 대응에 동참하여 신속한 회복을 성공적으로 이룰 수 있도록 맡은 바 역할을 해 나갈 것이다. [제임스 김 주한미국상공회의소 회장][ⓒ 매일경제 & mk.co.kr]

2020.04.08

[Arirang TV] COVID-19 Pandemic

[Arirang TV] The global economy is in a state of deep freeze with countries across the world imposing severe movement restrictions to contain the COVID-19 outbreak. With many global firms unable to conduct normal business activities, the trade ministers of the G20 held a video conference to coordinate relief measures, while President Moon Jae-in has proposed to world leaders, a waiver on entry bans for business travelers. In this broadcast, we discuss what the future holds for the global economy amid the COVID-19 pandemic, and how the business environment in South Korea has changed for global firms operating in the country. We also take a closer look at the unique case of Sweden, which appears to have taken the herd immunity approach to containing the outbreak. Guests James Kim, Chair and CEO/ AMCHAM Korea Kelly KASULIS, Freelance Journalist / Bloomberg BNA For a full contents review, please visit

2020.04.06

[Webinar] Economic Impact of COVID-19 on U.S.-Korea Relations

April 3, 2020 - The American Chamber of Commerce in Korea (AMCHAM) hosted a webinar on April 3 with the theme “The Economic Impact of COVID-19 on U.S.-Korea Relations.” The guest presenters were Troy Stangarone, Senior Director and Fellow at the Korea Economic Institute of America (KEI), and Kyle Ferrier, Director of Academic Affairs and Fellow at KEI. About the SpeakerTroy Stangarone, Senior Director and Fellow, Korea Economic Institute of America (KEI)Troy Stangarone is Senior Director and Fellow at the Korea Economic Institute (KEI). He oversees KEI’s trade and economic related initiatives, as well as the Institute’s relations with Capitol Hill and the Washington, DC trade community. As part of his broader portfolio he serves as the editor for KEI’s flagship publication, Korea’s Economy, and oversees KEI’s blog, The Peninsula. Mr. Stangarone has written extensively and has been widely quoted on U.S.-Korea relations, South Korean trade and foreign policy, and North Korea. His work has appeared in publications such as Foreign Policy, CNBC, CNN, China-US Focus, the JoongAng Ilbo, and the Korea Herald. His comments have appeared in The New York Times, The Wall Street Journal, The Washington Post, Bloomberg News, CNN, Politico, Chosun Ilbo, Donga Ilbo, JoongAng Daily, and Yonhap News Service. He has also appeared on TV and radio for outlets such as Bloomberg News, CNBC Asia, and BBC Radio. In addition to his work at KEI, Mr. Stangarone is a member of the George Mason University | Korea President’s Advisory Board, the International Council of Korean Studies Board, and the Korea-America Student Conference’s National Advisory Committee. He is a columnist for the Korea Times and a regular contributor to The Diplomat. He was also a 2012-2013 Council on Foreign Relations International Affairs Fellow in South Korea, sponsored by the Asan Institute for Policy Studies. Prior to joining KEI, Mr. Stangarone worked on Capitol Hill for Senator Robert Torricelli on issues relating to foreign affairs and trade. He also served as an aide to Governor James McGreevey of New Jersey. He holds a MSc. in International Relations from the London School of Economics and Political Science and a B.A. in Political Science and Economics from the University of Memphis.Kyle Ferrier, Director of Academic Affairs and Fellow, Korea Economic Institute of America (KEI)Kyle Ferrier joined KEI as Fellow and Director of Academic Affairs in 2015. He is charged with managing KEI’s efforts to foster collaboration between the academic and policy communities. As part of his responsibilities, Mr. Ferrier is editor of KEI’s On Korea and Joint U.S.-Korea Academic Studies publications, working with editor-in-chief Gilbert Rozman on the latter. He also oversees KEI’s university programs, which reach hundreds of college students in the United States each year through organized lectures on timely Korea-related issues as well as a simulation on multilateral negotiations with North Korea. Mr. Ferrier writes on U.S.-Korea relations, South Korean foreign affairs, South Korean domestic and international economic policy, and the political economy of the Asia-Pacific. He has been quoted in numerous media outlets, including the Wall Street Journal and U.S. News & World Report, and is a regular contributor to KEI’s blog, The Peninsula, and The Diplomat. Prior to joining KEI, Mr. Ferrier worked for the Bank of New York Mellon and was a Program Assistant in the Bureau of Population, Refugees, and Migration at the U.S. State Department. He was also a Fulbright English Teaching Assistant for the 2011-2012 grant year in Naju, South Korea. During his time in Korea, he led his students in a U.S. embassy-sponsored youth diplomacy program in Seoul, volunteered with North Korean escapees, and completed a Korean language course at Seogang University. He has held internships at the Korea Institute for National Unification, U.S. State Department, U.S. Department of Commerce, and with Senator Charles Schumer at the height of the 2008 financial crisis. Mr. Ferrier holds an MSc in International Political Economy from the London School of Economics and a B.A. in Economics and Government and International Politics from George Mason University. Webinar BriefTo mark the launch of the AMCHAM Korea Webinar Series, Mr. Troy Stangarone, Senior Director and Fellow, and Mr. Kyle Ferrier, Director of Academic Affairs and Fellow, at the Korea Economic Institute of America (KEI), have shared their insights on the economic impact of COVID-19 on U.S.-Korea Relations. KEI is a premier U.S. think tank and public outreach organization solely dedicated to helping Americans understand the breadth and importance of the U.S.-Korea relations. This AMCHAM Webinar session on Zoom will be highly informative and interactive, where participants can not only hear from but also ask questions to these experts in Washington, D.C. Comparing the economic situation of Korea and the world in previous financial crisis to the situation today, Director Ferrier noted, "Korea is in much better shape than when it was in '97-'98, and now what's most important for the U.S. and South Korea is to build upon our bilateral relationship and expand to multilateral cooperation. Korea is actually in a strong position and it should try to help other countries really face the threat that coronavirus poses on a more equal ground." Noting that the travel and tourism was one of the industries hardest hit by the crisis, Senior Director Stangarone remarked, "It is going to take significant government intervention to revive the tourism and travel industry. Unless there are sort of common global standards backed by all the governments, people are going to be leery to travel." “AMCHAM is actively participating in social distancing under the strict goal of preventing the spread of the coronavirus. Given the circumstances, it is meaningful that we can promote communication and exchange of opinions using creative digital platforms such as this webinar series,” said AMCHAM Chairman & CEO James Kim. “Discussing the future of Korea’s economy via these webinars will allow for a faster recovery.” AMCHAM planned this webinar series to address major issues in the global business economy while encouraging social distancing to prevent the spread of coronavirus. About 200 people attended the webinar online.Full Details Please refer to the following link for full content access on AMCHAM webinar:https://youtu.be/c67DC_OnED4?

2020.04.03

[News Article - OPED] [Contribution] In confronting COVID-19, US and Korea are stronger together

James Kim, Chairman and CEO, AMCHAM Korea [The Korea Herald] A crisis always reveals a nation’s true character and strength. In the case of their response to the emergency caused by COVID-19, the people and government of the South Korea won praise from around the world for their collective resilience and collaboration. As the first country outside of China to face a major outbreak of COVID-19, Korea’s response was rapid, smart and effective. Through innovative drive-thru testing, rapid diagnosis and transparent information sharing, Korea has shown the world that it is possible for a democratic country to effectively fight the spread of the virus. Korea has also proven itself to be a model global citizen by implementing a unique system of three-point temperature checks of outgoing travelers at airports, so that no major outbreaks outside of Korea to date have been linked to the country. Other impacted countries including the US are taking note of this and benchmarking Korea’s tactful solutions. As a result, a challenge that could have been one of Korea’s darkest moments is instead turning out to be the nation’s finest hour. As Chairman & CEO of the American Chamber of Commerce in Korea, I can attest that for American businesses operating in Korea, this outcome is welcome but not unexpected. American businesses know more than anyone that Koreans are second to none when it comes to tenacity, intelligence and innovation. The national character revealed in the COVID-19 emergency is the same that enabled Korea to rise from the ashes of war and to emerge as a high-tech economic powerhouse. It is the reason so many American companies have chosen to do business in Korea. AMCHAM’s member companies and affiliates employed 460,000 workers in Korea and US companies invested $6.8 billion in Korea in 2019. During the COVID-19 outbreak, American companies have been grateful for the opportunity to play a role in helping Korea overcome this challenge. Measures to contain the virus are unavoidably causing major disruptions in travel and economic activity. The Korean economy has been able to weather the COVID-19 crisis thanks to innovative technologies that would not exist without collaboration between Korean and global companies. Students continue their education in virtual classrooms of international schools, employees continue to collaborate through cloud computing platforms provided by America’s IT giants, and health care professionals continue to provide vital treatments using pharmaceuticals and medical devices developed and manufactured by American firms. Throughout the crisis, AMCHAM has been in close communication with our member companies to ensure that information is shared between the global business community and the Korean and US governments, while keeping companies informed so that they can fully comply with government guidelines. Thanks to the heroic efforts of the Korean government and people, a light at the end of the tunnel is approaching closer. As we move forward to a post-COVID-19 world, the same solutions that helped us overcome the crisis are will continue to be relevant to the way we live and do business. In preparing for this new economy, the Korean government should be just as proactive as it was in responding to COVID-19. This means creating a forward-looking business environment that supports continued innovation and collaboration between Korean companies and their global counterparts. Businesses should be encouraged and supported in adopting new technologies that not only contribute to public health but also economic efficiency. This includes sectors ranging from health care to cloud computing. Above all, it is important to recognize that the continuing strength of the US-Korea commercial economic partnerships will be vital for both countries’ economic recoveries. The Korea-US bilateral trade volume in goods reached $134 billion last year, with services trade including travel and tourism adding another $36 billion. As both countries recover from the economic damage wrought by COVID-19, it will be critical to keep trade and travel ties open between the two countries. While prudent action to prevent the spread of COVID-19 is essential, the objective should be to return to normalcy as quickly as feasible. If the crisis is a test of Korea’s character, it can also be a pivotal moment to prove the resilience of the Korea-US partnership. For more than seven decades, our two countries have been vital partners to each other in good times and bad through the three key pillars of the US-Korea alliance: security, people-to-people and economic. The current situation is an opportunity to remind ourselves that we are always stronger together. American companies, who feel so much gratitude toward the Korean government and people, are able and willing to play our part. Just as Korea is showing the world that it is possible to overcome COVID-19, we are eager to work more rigorously with Korea to show the world that it is possible to make a strong and rapid economic recovery. By James Kim Chairman and CEO, AMCHAM Korea

2020.03.24

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