By Choi Kyong-ae
Korea will set up chambers of commerce in 10 countries to support companies doing business in overseas markets and protect their interests, the government said Thursday.
The Ministry of Trade, Industry and Energy unveiled the plan to create the Korean version of the American Chamber of Commerce in Korea (AMCHAM) in 10 major countries to help Korean businesses air their concerns and have their demands heard.
There are a variety of private business organizations for Korean companies in their export markets. But their main goal is to build up ties with local business partners, the ministry said.
"As more Korean companies advance into overseas markets and face non-tariff barriers and other difficulties in doing business, the government felt that there was a strong need for overseas business lobbies to stand up for them," an official said by telephone.
As an initial step, the Korea International Trade Association (KITA) and the Korea Chamber of Commerce and Industry (KCCI) are taking charge of setting up a business lobbies in nine countries and one region — the U.S., Europe, Japan, Singapore, India, China, Vietnam, Indonesia, Malaysia and Brazil.
The two private organizations said that they will take the lead in establishing the business lobbies, to be called KOCHAM or the Korea Business Association (KBA), this year when it comes to financial support and workforce.
"If the initial approach is successful at the end of this year, the government will increase the number of KOCHAMs or KBAs," Chang Seok-min, general manager of KITA's overseas marketing department, said.
Lee Heon-bae, director of the KCCI's global business team, said, "We will combine all forms of small business groups and reorganize them into an integrated business body in each country to promote the interests of Korean companies."
Seoul will benchmark what AMCHAM has been doing for the benefit of its member companies. The U.S. business lobby is very active in making the business and investment environment in Korea better for U.S. companies, the MOTIE official said, asking not to be named.
The foreign business community led by AMCHAM has asked the Seoul government to deregulate further and make economic policies predictable to attract foreign direct investments.
After years of requests, they found an opportunity to express their views early this month when they met President Park Geun-hye during her meeting with foreign business leaders in Cheong Wa Dae.
Park said her government "will make the Korean economy more predictable and transparent by making the regulatory process more deliberative, and by seeking increased interaction with stakeholders when making new policies."
There are 115 American Chambers of Commerce in 102 countries and their operating costs are sponsored by their corporate members.
They are aggressive in reporting information about the markets in which they are operating to their home countries and for asking local governments to improve their business environments, the statement said.
Still, Korea lags far behind advanced countries in its efforts to ask for improvements in the business environment for Korean companies.
Korea will set up chambers of commerce in 10 countries to support companies doing business in overseas markets and protect their interests, the government said Thursday.
The Ministry of Trade, Industry and Energy unveiled the plan to create the Korean version of the American Chamber of Commerce in Korea (AMCHAM) in 10 major countries to help Korean businesses air their concerns and have their demands heard.
There are a variety of private business organizations for Korean companies in their export markets. But their main goal is to build up ties with local business partners, the ministry said.
"As more Korean companies advance into overseas markets and face non-tariff barriers and other difficulties in doing business, the government felt that there was a strong need for overseas business lobbies to stand up for them," an official said by telephone.
As an initial step, the Korea International Trade Association (KITA) and the Korea Chamber of Commerce and Industry (KCCI) are taking charge of setting up a business lobbies in nine countries and one region — the U.S., Europe, Japan, Singapore, India, China, Vietnam, Indonesia, Malaysia and Brazil.
The two private organizations said that they will take the lead in establishing the business lobbies, to be called KOCHAM or the Korea Business Association (KBA), this year when it comes to financial support and workforce.
"If the initial approach is successful at the end of this year, the government will increase the number of KOCHAMs or KBAs," Chang Seok-min, general manager of KITA's overseas marketing department, said.
Lee Heon-bae, director of the KCCI's global business team, said, "We will combine all forms of small business groups and reorganize them into an integrated business body in each country to promote the interests of Korean companies."
Seoul will benchmark what AMCHAM has been doing for the benefit of its member companies. The U.S. business lobby is very active in making the business and investment environment in Korea better for U.S. companies, the MOTIE official said, asking not to be named.
The foreign business community led by AMCHAM has asked the Seoul government to deregulate further and make economic policies predictable to attract foreign direct investments.
After years of requests, they found an opportunity to express their views early this month when they met President Park Geun-hye during her meeting with foreign business leaders in Cheong Wa Dae.
Park said her government "will make the Korean economy more predictable and transparent by making the regulatory process more deliberative, and by seeking increased interaction with stakeholders when making new policies."
There are 115 American Chambers of Commerce in 102 countries and their operating costs are sponsored by their corporate members.
They are aggressive in reporting information about the markets in which they are operating to their home countries and for asking local governments to improve their business environments, the statement said.
Still, Korea lags far behind advanced countries in its efforts to ask for improvements in the business environment for Korean companies.
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