Foreign biz community expects stronger economic ties under new leadership

The Korean-German Chamber of Commerce and Industry (KGCCI) headquarters in Seoul / Courtesy of KGCCI

The election of President Lee Jae-myung is raising hopes Wednesday among foreign businesspeople in Korea that the new administration will strengthen economic ties with their home countries.

As Lee ended a monthslong government leadership vacuum, foreign business associations congratulated him on his victory, promising to provide support for the success of his new administration.

"We look forward to building on the strong foundation of bilateral economic cooperation and to working closely with the new administration to foster mutual growth, innovation and opportunity for our business communities," the Korean-German Chamber of Commerce and Industry said in a statement.

The second-largest foreign chamber of commerce in Korea has continuously called for a reliable and transparent regulatory framework, consistent enforcement of the rule of law and policies that actively encourage foreign investment.

During an interview with The Korea Times in April, CEO Marie Antonia von Schonburg urged Korea and Germany to reaffirm their commitment to multilateralism and a rules-based global trade system.

"In a world facing rising protectionism and increasing pressure on global trade norms, Korea and Germany must deepen their bilateral cooperation to build greater resilience and agility," she said at the time.

The South African Chamber of Commerce in Korea hopes the new president will use the Group of 20 summit set for November in Johannesburg to drive meaningful, long-term collaboration with African nations.

"As South Africa assumes the G20 presidency this year, we see a unique and timely opportunity for Korea and Africa to deepen cooperation on shared priorities — ranging from climate resilience and energy transition to trade, digital innovation and food and health security," said Chairman Timothy Dickens, who works for Korean law firm Daeryook & Aju as a foreign attorney qualified in both England and South Africa.

He added that the chamber remains fully committed to advancing Korea-Africa business ties and strengthening the bridge between the regions.

The Singapore Chamber of Commerce in Korea hopes for deeper bilateral cooperation in strategic areas such as innovation, sustainability and regional connectivity.

"This year marks a significant milestone — the 50th anniversary of diplomatic relations between Singapore and South Korea. Over the past five decades, our nations have built a strong and forward-looking partnership grounded in mutual respect, shared values, and robust economic, cultural and people-to-people ties," Chairperson Justin Yong said.

"As we celebrate this golden jubilee, we are optimistic that under President Lee' s leadership, South Korea will continue to flourish — both domestically and on the global stage."

The Korea Foreign Enterprise Association (KOFA) urged Lee to improve the country's investment environment to attract more foreign direct investment, while recognizing him for taking a realistic approach and prioritizing national interests.

KOFA, which represents executives and employees of foreign-invested companies, also asked the administration to create more jobs and help more young job seekers find work at foreign-invested firms.