Park Jae-hyuk is a seasoned journalist who has provided comprehensive coverage of South Korea's corporate dynamics, economic policies, industry challenges and the global positioning of Korean companies. Based on the articles he has written since joining The Korea Times in 2016, his investigative approach has helped readers understand corporate governance, economic trends and business strategies shaping South Korea’s economy.
US biz lobby rises as platform for presidential election campaigns
Then-Democratic Party of Korea Chairman Lee Jae-myung, left, now running for president, shakes hands with American Chamber of Commerce in Korea Chairman James Kim at the National Assembly in Seoul, Dec. 16, 2024. Yonhap
By Park Jae-hyuk
US tariff pressure highlights AMCHAM's significance
"A non-political, non-partisan organization" is how American Chamber of Commerce in Korea (AMCHAM) Chairman James Kim frequently describes the largest foreign chamber here, especially when he meets with Korean politicians.
The Korean American chief of the business lobby that represents U.S. firms doing business here is likely to use that expression more often this month, as presidential candidates have lined up to hold meetings with the organization in response to growing voter attention to U.S. President Donald Trump's protectionist trade policies.
Kim Moon-soo, the presidential candidate of the conservative People Power Party (PPP), is scheduled to join a special luncheon with AMCHAM next Monday. According to his submission to the National Election Commission, one of his most important election pledges is an immediate summit with Trump for a package deal over tariffs.
"This timely event will provide a rare opportunity to hear firsthand from candidate Kim about his policy vision, priorities for strengthening U.S.-Korea relations and key areas for bilateral industrial and economic cooperation under a new administration," AMCHAM wrote on its website.
The PPP candidate's upcoming meeting with AMCHAM members follows his absence from a discussion hosted by Korea's five largest business associations on May 8 to learn about each candidate's campaign pledges.
Then-Economic, Social and Labor Council Chairman Kim Moon-soo, fourth from left, poses with American Chamber of Commerce in Korea (AMCHAM) representatives at IFC Seoul, April 29, 2024. Courtesy of AMCHAM
Although the five associations organized the first-ever joint meeting with presidential candidates this year, Lee Jae-myung of the liberal Democratic Party of Korea (DPK) was the only candidate available, as the PPP failed to confirm its final candidate until Sunday. Lee Jun-seok of the minor conservative Reform Party reportedly skipped the meeting, citing a schedule conflict.
During the campaigns for the 20th presidential election in 2022, the Korea Chamber of Commerce and Industry (KCCI) held separate discussions with PPP, DPK and Justice Party candidates to listen to their plans and deliver the business community's opinions. However, the KCCI currently does not plan to host additional events to meet other candidates.
"We had invited the conservative candidates to the recent discussion, but they did not make it," a KCCI official said.
AMCHAM, which met with PPP, DPK and now-defunct People Party contenders during the previous presidential election campaign, said it is arranging events involving both Lee Jae-myung and Lee Jun-seok, both of whom already met the AMCHAM chairman before their official campaigns kicked off earlier this week.
Last December, when the DPK candidate was serving as party chairman, he invited AMCHAM representatives to the National Assembly to reassure U.S. companies of the resilience of the Korean economy and ask them to continue investing in the country, as now-impeached former President Yoon Suk Yeol's martial law declaration ended in failure.
The Reform Party candidate reportedly met privately with the AMCHAM chairman last month.
On April 21, during the PPP's primary, former Daegu Mayor Hong Joon-pyo, one of the contenders, also visited AMCHAM's office in Seoul and vowed to lift Korea's strict labor-related regulations. During the visit, Hong even called for a stronger military alliance with the U.S., asking Washington to dispatch nuclear weapons here to brace for North Korean provocations.