Representatives of foreign chambers in South Korea, including those from the United States, Europe, and Japan, have proposed plans for improvement to boost investment in South Korea.
The Korea Chamber of Commerce and Industry (KCCI) held the “2024 Foreign Chamber Day: Meeting with Foreign Chambers in Korea” at the KCCI Chamber Lounge on Jan. 24. The event was organized to discuss global issues, bilateral cooperation challenges, and seek solutions for the difficulties faced by foreign investment companies.
On this day, the event was attended by Chairman Chey Tae-won and Vice Chairman Woo Tae-hee of the KCCI, along with Vice Chairman Lee Hyung-hee of the Seoul office of the KCCI, representing the Korean side.
From the foreign chambers of commerce in South Korea, around 10 representatives attended the event, including James Kim, chairman of the American Chamber of Commerce in Korea; Kazuhiro Iguchi, chairman of the Seoul Japan Club; Stefan Ernst, president of the European Chamber of Commerce in Korea; and Eric Ma, vice chairman of the Chinese Chamber of Commerce in Korea.
The foreign chambers of commerce in South Korea serve as representative bodies advocating for the interests of foreign companies investing in South Korea and work as platforms to address common challenges. Currently, there are 18 representative organizations, including chambers of commerce and associations, that operate in the form of chambers or federations within this community.
During the meeting, representatives from the foreign chambers of commerce in South Korea discussed concerns and proposed solutions across various areas, including economic cooperation, labor, trade, and certification issues.
James Kim, chairman and CEO of the American Chamber of Commerce in Korea, stated, “South Korea is an attractive investment destination, maintaining a robust alliance with the United States through the Free Trade Agreement (FTA) and collaboration in ally-sharing, specifically in building supply chains as allies. As South Korea positions itself as the first regional headquarters in Asia with excellent conditions, we hope for more efforts to attract global regional headquarters by providing diverse incentives.” Specifically, he requested the establishment of support programs for regional headquarters, including programs related to rent and relocation costs.
In addition, there were requests to relax the personal information protection standards restricting the use of cloud computing by financial services companies to a global level. Moreover, measures should be devised to expedite the due diligence process during the approval procedure for Good Manufacturing Practice (GMP) standards for high-quality pharmaceutical manufacturing.
Germany has requested the swift enactment of a special law for offshore wind power. Holger Gerrmann, chairman of the German Chamber of Commerce in Korea, stated, “Through the enactment of wind-power-related laws, we hope to advance the renewable energy system and expand cooperation opportunities in emerging industries such as pharmaceuticals.”
The European Chamber of Commerce in Korea has suggested relaxing standards related to restricted substances in metal jewelry. The request specifically calls for the establishment of separate criteria for metal jewelry, including the relaxation of lead content standards.
The British Chamber of Commerce in Korea has requested the relaxation or elimination of the 49 percent foreign ownership limit when registering with foreign law firms.
Additionally, concerns were raised about the hindrance caused by the Major Accident Punishment Act to investments in South Korea, and suggestions were made for the establishment of advanced labor-management relations.
In his welcoming remarks on that day, Chairman Chey Tae-won stated, “I believe foreign companies can also be partners who unite as members of the South Korean economy. I sincerely hope for the further enhancement of foreign investment and corporate activities in South Korea.”
Chairman Chey emphasized, “Last year, South Korea’s foreign direct investment ranked 23rd in the world, lagging behind major countries such as the United States, China, Japan, and Singapore. However, it means that there is great potential for foreign companies to contribute even more by expanding innovation and entrepreneurial spirit.”