AMCHAM, KCCI urge Korean firms to seize US opportunities
James Kim, chairman and CEO of the American Chamber of Commerce in Korea (AMCHAM), delivers opening remarks at a seminar jointly hosted by the Korea Chamber of Commerce and Industry, at the latter's headquarters in Seoul, Wednesday. Courtesy of AMCHAM
Korean companies advised to leverage US ties beyond trade, manufacturing
Korean companies are advised to expand their operations in the United States, as bilateral economic ties increasingly extend beyond trade to investment, technology and supply-chain resilience, the American Chamber of Commerce in Korea (AMCHAM) said Wednesday.
The U.S. business lobby and the Korea Chamber of Commerce and Industry (KCCI) discussed opportunities and challenges of Korean firms when they expand investment and operations in America during the eighth annual Doing Business in the U.S. Seminar.
The seminar was held as part of a special program marking the 250th anniversary of U.S. independence.
AMCHAM Chairman James Kim said the economic relationship between the two countries is increasingly driven by the aforementioned sectors, rather than trade alone.
“The next chapter of the U.S.-Korea economic partnership will be defined not simply by how much we trade, but by how much we build, invest, innovate and grow together,” Kim said.
KCCI Executive Vice Chairman Kim Jeong-il emphasized the need for Korean companies to understand local regulations and business conditions, while building reliable networks in the U.S.
“The U.S. is an important market and investment destination for Korean companies,” the KCCI executive said. “In addition to strong technologies and products, a solid understanding of the local regulatory and business environment is critical.”
U.S. Ambassador to Korea Michelle Steel delivers congratulatory remarks at a seminar discussing Korean firms' strategy to enter the U.S. market, at the headquarters of the Korea Chamber of Commerce and Industry in Seoul, Wednesday. Courtesy of AMCHAM
The seminar featured executives from SPC's Paris Croissant, Mirae Asset Securities and SK Biopharmaceuticals, who shared their experiences of entering and expanding in the U.S. market. They discussed market-entry strategies, local partnerships and the challenges of establishing operations in the country.
The event also provided practical guidance on key aspects of U.S. expansion, including corporate visas, real estate, cross-border financial services and human resources.
Jung Yoo-joo, a U.S. attorney at Daeyang Immigration Law Group, discussed corporate visa strategies and key immigration considerations for companies establishing operations in the U.S.
“A U.S. visa is not simply an administrative step to be handled just before departure; it is part of the investment decision itself,” Jung said. “Capital can build a factory, but the success of a U.S. operation ultimately depends on whether the right people can be legally deployed on site when they are needed.”
U.S. officials and lawmakers also highlighted the growing role of Korean investment in the American economy. U.S. Sen. Todd Young of Indiana cited SK hynix's more than $4 billion (5.4 trillion won) advanced packaging and research facility in West Lafayette as an example of Korean investment supporting U.S. jobs and innovation.
Young also said Korean investment, technical expertise and workforce development could help strengthen the U.S. shipbuilding industry, an area he described as a key economic and national security priority.
The seminar has served as a platform for Korean companies to connect with U.S. policymakers, market experts and potential business partners for eight years. AMCHAM said it will continue supporting Korean companies seeking to establish and expand operations in the U.S.