Interview with chairman of American Chamber of Commerce on doing business in S. Korea

Lee Rae-hyun, Arirang News - South Korea has now become one of the most attractive markets for the U.S., serving as a key regional headquarters for many American businesses including the media. Our Lee Rae-hyun sat down with the chairman of American Chamber of Commerce on this widening spectrum of Seoul and Washington.

Seven decades have passed since South Korea and the U.S. agreed to sign a mutual defense treaty in 1953. And these defense ties have now grown into a stronger partnership widening to several fields other than security. That's especially true on the economic front. Seoul and Washington boast one of the largest trade relationships in the world, with bilateral investment and trade totaling 1-point-6 trillion U.S. dollars annually. And some U.S. companies now see South Korea as an attractive market to do business in.

"An interesting example is the New York Times. They actually moved their regional headquarters from Hong Kong to Korea. They actually looked at a lot of countries but they chose Korea for all the reasons we spoke about. So I think that the Korean government's already making good progress and as they start to tweak a few more things, this should be a real good place for many U.S. companies to operate in, invest in."

The chairman of the American Chamber of Commerce in Korea says that president Yoon and his so-called "dream team" have brought changes to the country's business environment.

"Take a look at some of the things they've already fixed for us including the flat tax for foreigners that was a huge win. I understand that president Yoon and his team are working on refining things like the serious accident punishment act, the 52-hour workweek. Those are all very positive signs that he has come into office and has already made impact which shows really outstanding possibilities for us companies."

In fact, a flat income tax rate of 19 percent is offered to foreigners who work in South Korea.

Starting this year, this tax benefit will be applied for 20 years up from the original 5 years.

Asked how the two countries should further cooperate, particularly in light of the recent Inflation Reduction Act and the U.S. CHIPS Act, the chairman says South Korea is going to remain an important partner of the U.S.

"I think we should also look at not just short term but long term. There could be some short-term challenges but over the long term, I'm very confident that the two countries will achieve a win, win solution. And I think that's the way we ought to look at things."

He added South Korea should be even more aggressive about competing against other countries to make the country a regional headquarters pledging that AMCHAM will also be part of that process.

Source: https://www.arirang.com/news/view?id=251311 

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