AMCHAM and ruling party presidential candidate meet to discuss support for foreign investments

American Chamber of Commerce in Korea (AMCHAM) Chairman & CEO James Kim, front row fifth from left, and ruling Democratic Party of Korea (DPK) presidential candidate Lee Jae-myung, front row sixth from left, pose for a photo with the heads of AMCHAM member companies at the Conrad Hotel Seoul, Thursday. Courtesy of AMCHAM

By Lee Kyung-min

The American Chamber of Commerce in Korea (AMCHAM) hosted a special meeting with the ruling Democratic Party of Korea (DPK) presidential candidate, Lee Jae-myung, Thursday, at the Conrad Hotel Seoul, it said in a statement, Friday.

Among the key multinational AMCHAM member companies in attendance were the following: 3M Korea, Applied Materials Korea, ACE American Fire and Marine Insurance Company (Chubb in Korea), Philip Morris Korea, Qualcomm Korea, GE Korea, Pfizer Korea, MSD Korea, GM Korea, Inspire Entertainment Resort, Delta Air Lines and Cytiva. They discussed issues that affect the global business community in Korea.

The meeting explored Lee's prospective policies as well as his goals for the economy, such as increasing Korea's competitiveness as an investment destination for American companies and measures for creating jobs for balanced regional development.

“We appreciate Mr. Lee Jae-myung's important role in setting Korean policies that are helpful for foreign direct investment and help make Korea a regional headquarters for Asia,” AMCHAM Chairman & CEO James Kim was quoted as saying in the release. “There is a lot of competition with other countries to attract foreign investment from strategic sectors like semiconductors. We need the Korean government's proactive support to win these research and development investments into Korea.”

In response, Lee said that Korea and the U.S. will continue to be great partners, especially as the global supply chain is going through much change.

“Economic cooperation between the two countries is now more important. We will enhance regulations that promote competition and competitiveness and get rid of those that shackle competitiveness or decrease efficiency,” the DPK presidential candidate said, adding that he will try to promote creativity and freedom on the part of the businesses so that they can adapt themselves to the future.

“We really want to increase foreign investment, jobs and national income. We will do everything to encourage foreign investment in Korea,” Lee added.