Conservative candidate vows more incentives for foreign firms

Presidential candidate Kim Moon-soo of the conservative People Power Party (PPP) speaks during a special luncheon with the American Chamber of Commerce in Korea in central Seoul, Monday. Yonhap

Presidential candidate Kim Moon-soo of the conservative People Power Party (PPP) pledged Monday to boost foreign investment in Korea by assuring foreign companies a more stable and business-friendly environment.

“(If elected) I will remove unreasonable regulations to enable larger and more confident investments in Korea. While offering tax benefits and increasing investment incentives for companies, I will pursue labor reforms to nurture future talent by improving the structure of the labor market,” Kim said during a luncheon with the American Chamber of Commerce in Korea (AMCHAM) in central Seoul.

During the event, Kim outlined his key policy agenda and priorities aimed at shaping Korea’s long-term economic trajectory, including U.S.-Korea economic relations, regulatory reform and innovation strategies, with over 200 leaders from the global business community.

“I’ve admired (candidate Kim Moon-soo’s) sharp insight, unwavering integrity and visionary leadership, particularly in the areas of innovation and economic development, and look forward to engaging in a meaningful dialogue on how Korea can position itself as a leading regional headquarters hub and trusted economic partner to the United States,” AMCHAM Chairman James Kim said in his opening remarks.

The candidate emphasized that he will be committed to creating a regulatory environment that fosters innovation and strengthens international economic partnerships between Korea and the U.S.

“I will open doors for an era of the Korea-U.S. alliance by discovering new economic opportunities for both countries to develop together, such as in the shipbuilding and cultural sectors that the U.S. is interested in, while prioritizing Korea’s national interests,” he said.

“I will establish a supervising office to constantly manage and monitor regulations, and enact a basic law on free economic innovation to ensure that new industries are not hindered by regulations.”

Presidential candidate Kim Moon-soo of the People Power Party, left, speaks with AMCHAM Korea Chairman James Kim during a luncheon in Seoul, Monday. Courtesy of AMCHAM Korea

He shared his plans to provide lease benefits to foreign firms and establish facilities for foreign companies in cities like Hwaseong, Pyeongtaek and Paju.

"When a large number of the U.S. companies come here, our country must provide them with special benefits,” he said,

“It's necessary to boldly eliminate the burden of prices on leases and lands (for facilities), and I can do that."

He noted that he best understands the importance of the two countries’ alliance in bringing peace to Korea, as he turned away from his previous activism work on anti-Americanism.

“I believe the Korea-U.S. alliance is the fundamental pillar of Korea’s diplomacy, national defense, not only in the past but also in the future. The reason this belief remains unshaken is precisely because I was once an anti-American,” he said.

The candidate promised that he would take urgent measures to settle the ongoing tariff issues between Korea and the U.S., following the Trump administration’s sweeping tariff imposition.

“The global international situation and trade environment are rapidly changing. To overcome these challenges, strengthening the alliance and friendly cooperation between Korea and the U.S. is essential," he said. "If I am elected president, I will visit the U.S. in June to hold an early summit with President Trump and quickly resolve issues that hinder economic cooperation between our two countries."

“I will form a consensus through comprehensive negotiations between Korean and U.S. leaders and find ways for both countries to mutually benefit.”