This is the 14th in a series of articles on suggestions to President-elect Lee Myung-bak. ― ED.
By William Oberlin
AMCHAM Chairman
Dear President-elect Lee,
The American Chamber of Commerce in Korea (AMCHAM) was honored to co-host you on Jan. 15 at the Foreign Investors' New Year Reception. The evening was a tremendous success and through your attendance and refreshing presentation on the improvement of the Korean business environment, you have managed to excite the foreign business community. You have shown us all that you truly understand the value foreign investors add to the Korean economy and for this recognition, we thank you immensely.
Your new team, comprising of an unexpected but very welcome foreigner, speaks largely of improving the transparency, predictability and consistency of the current market to provide a level playing field for both domestic and foreign companies. These are the essential attributes required in any competitive and international environment and so we strongly welcome this positive approach and look forward to working closely with you and your administration to achieve these milestones. AMCHAM also hopes that as the largest foreign organization, representing over 1,100 member companies with large vested interests in the Korean economy, we can continue to work in close partnership with the Korean government as we have done for over 50 years. Together, with the support of the foreign business community, we are confident you will achieve a strong turnaround in the business environment and attract much needed foreign direct investment into Korea.
One sure way of achieving this is through the quick resolution of the beef issue and early ratification of the KORUS FTA (Free Trade Agreement). AMCHAM believes that both the Korean and U.S. governments did an amazing job completing a very strong, balanced, and comprehensive FTA between two of the world's strongest economies. We are now at an important crossroads where the final decision is up to the legislative bodies of our countries, the National Assembly in Korea and Congress in the United States, to ensure that this historic, once-in-a-lifetime opportunity is not missed.
You have assured the foreign business community on numerous occasions that you fully comprehend the enormity of the KORUS FTA, not only for economic purposes but also for the sake of the Korea-U.S. alliance. For this reason, we hope the Korean government will open its beef market to all U.S. beef as soon as possible. As you know, without resolution of this issue there will be no KORUS FTA ratification in the United States.
Senior Members of Congress as well as the U.S. Administration have made it very clear that the KORUS FTA will not be considered for ratification until the Korean beef market is fully re-opened. Although AMCHAM will continue to do our best to fully support Korea and the Korean government to strongly encourage Congress to ratify the KORUS FTA, we still very much need your help.
In 2008, the window of opportunity for ratifying the KORUS FTA in both the United States and Korea is very short due to the upcoming U.S. presidential elections in November and the local elections in April respectively. This means we have a lot of work ahead of us. However, with your pragmatic approach, AMCHAM is delighted that you have the opportunity to begin your new legacy with the early ratification of the most important trade agreement Korea has ever completed. Again, AMCHAM will do everything to support the efforts of you and your team.
To improve Korea's business reputation, significant economic opportunities must not be wasted. In this regard, from a business organization to a highly experienced businessman turned nation's President, we respectfully request and hope you will be able to improve Korea's economic fortunes by pushing for ratification of the KORUS FTA in Korea sooner rather than later.
AMCHAM looks forward to the challenging and exciting times that lie ahead for Korea and wish you great success for the next five years.
Respectfully,
The writer, chairman of the American Chamber of Commerce in Korea (AMCHAM), also serves as president of Boeing Korea.