2022.11.18
AMCHAM, KITA Co-host
4th ‘Doing Business in the U.S. Seminar 2022’
-Sharing policy directions and economic outlook of the U.S. in 2023
-Providing valuable guidelines and practical tips on how businesses should strategize entering the U.S. market
-Recorded as the biggest ‘Doing Business in the U.S. Seminar’ in AMCHAM history in terms of participants
November 18, 2022 - The American Chamber of Commerce in Korea (AMCHAM; Chairman and CEO James Kim) hosted the fourth annual AMCHAM-KITA Doing Business in the U.S. Seminar 2022 on Friday, November 18, at COEX. Held in partnership with the Korea International Trade Association (KITA), more than 500 representatives from the U.S. and Korean business communities who are interested in trade and investment in the U.S. gathered to explore key success factors for entering U.S. business market.
In his opening remarks, AMCHAM Chairman & CEO James Kim said, “We have witnessed the development of the relationship between President Joe Biden and President Yoon Suk-yeol over the past year.” He continued, “The U.S. and Korea are very close trade partners, and changes in one country can have great impacts on the other. I hope today’s program will provide the motivation and insight needed to continue your momentum forward, especially on the implications of the U.S. midterm elections and how they can influence the future of investing in the U.S.” He added, “AMCHAM remains the strongest proponent of the U.S.-Korea partnership and we will continue to bring small, medium, and large businesses to the forefront of this alliance.”
Kim Hyun-chul, Vice President for International Affairs of KITA, said, “Since last year, trade between Korea-U.S. has shown double-digit growth rate this year.” He continued, “As major Korean companies have announced large-scale investments in the U.S., subsequent investments are expected to expand significantly in the future.” He added, “Next year marks the 70th anniversary of the Korea-U.S. alliance, KITA will also actively support the expansion of bilateral exchanges so that the economic and security alliance between the two countries can be strengthened further.”
Philip Goldberg, U.S. Ambassador to South Korea, also delivered congratulatory remarks, saying, “While the U.S.-ROK alliance is expanding into new frontiers that literally extend from here to space, there is nothing fundamentally ‘new’ about the core of our bilateral relationship.” He continued, “Our ironclad alliance remains grounded in deep personal ties and our shared history, values, and vision.” He added, “As the bilateral relationship steps into exciting new territory, a constant remains: our shared commitment to democracy, human rights, open societies, and free markets.”
U.S. Senator Rick Scott (R-FL) who chairs the National Republican Senatorial Committee (NRSC), also said in his special message, “My years running companies large and small taught me the value of a thriving economy and the importance of empowering entrepreneurs and businesses to succeed. Both as governor and now Senator of Florida I spent my career insuring Florida is the perfect place to invest and grow your company.” He added, “I trust the conversations you have at today’s seminar are just the beginning and look forward to hearing about your future success.”
Under the theme of “Navigating a Changing World: Keys to Success in the U.S. Market Entry,” the seminar was divided into two sessions: “2023 U.S. Business Outlook” and “Corporate Mentoring Session.”
The first session was kicked off with a presentation on “Major Issues and Economic Outlook for the U.S. Economy” lead by Joo Won, The Head of Economic Research Department of Hyundai Research Institute. In the following special lecture, Jasjit Singh, Executive Director of Select USA at the U.S. Embassy, explained the future of investing in the U.S.
The second session, titled “Corporate Mentoring Session,” featured presentations by EY HanYoung, Korean Air, Daeyang Immigration Law Group, MetLifte and G-P addressing specific tasks with which companies must become familiarized to invest in the U.S., including travel logistics, managing diverse HR policies, strategizing market entry as a subsidiary and more.
Marking its fourth anniversary this year, the Doing Business in the U.S. Seminar 2022 is one of AMCHAM’s biggest annual events. The event has invited experts from various fields to share their insights, benefits, and successful know-how in entering the U.S. market.
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