AMCHAM Korea to be at the center of Korea-U.S. bilataral business partnerships
Pulse by Maeil Business News Korea - The American Chamber of Commerce in Korea, or AMCHAM Korea, will spare no effort in supporting South Korea to help the country assume prominent global leadership, according to AMCHAM Korea chairman and chief executive officer (CEO) James Kim.
“This year is the 70th anniversary of not only the Korea-U.S. alliance but AMCHAM Korea’s founding. It’s amazing that bilateral business opportunities emerged right at the very outset of the Korea-U.S. relationship,” Kim said in a recent interview with the Maeil Business Newspaper.
He promised further commitments to bilateral business partnerships between South Korea and the United States.
“AMCHAM Korea sees itself as a bridge toward strengthened bilateral partnerships between the two nations,” Kim said, adding that “As a politically unbiased organization, AMCHAM Korea has maintained its position in the forefront of economic diplomacy due to its membership consisting of global companies with an interest in investing in Korea.”
Kim described the Korea-U.S. Free Trade Agreement as a pivot in the robust partnership developed over the past decade between the two economies. Bilateral trade volume soared by 70 percent over the decade since the FTA came into force in 2012, with Korean exports to the U.S. rising 14.5 percent.
South Korea has ascended to become the United States’ sixth-largest trading partner, while the United States. became South Korea’s second-largest trading partner. Over the past decade, Korean investments in the United States surged over threefold and U.S. business investments in Korea have doubled.
“Korean exports to the U.S. market grew so fast so that they surpassed those to China during the first half of this year,” Kim said.
South Korean direct investments in the U.S. stood at $27.7 billion, with Kim adding that “The combined market share held by Hyundai Motor Co. and Kia Corp. in the U.S. amounts to more than 10 percent, which suggests that Korean technology in electric vehicles, batterries and artificial intelligence has become world-class.”
“AMCHAM Korea serves as an information hub and the organization persistently advocates for the exceptional qualities of Korean companies to U.S. corporations, Congress, and the administration,” Kim affirmed.
AMCHAM Korea is poised to hold its annual Doorknock event in October, where its delegations meet with officials from the U.S. administration and Congress to highlight the importance of the Korea-U.S. FTA and promote the Korean economy on the global stage.
“The ongoing geopolitical crisis is generating significant uncertainty for businesses, but the AMCHAM Doorknock delegation is committed to assisting both economies in prudently addressing these challenges and reinforcing the economic and security alliance,” according to Kim.
Kim will also join a virtual gathering which will be moderated by New York City Mayor Eric Leroy Adams and take place on the sidelines of the World Knowledge Forum supported by the Maeil Business Newspaper on September 14.