This is the 13th in a "Letters to President Yoon" series The Korea Times has organized to convey policy recommendations in open letters from politicians, scholars and experts to President Yoon Suk-yeol following his May 10 inauguration. ― ED.
By Jeffrey Jones
Dear Mr. President,
I would like to extend to you my very heartfelt congratulations on your inauguration as the new president of South Korea after winning the March presidential election.
The American business community in Korea applauds your recent actions and policies to align Korea with international norms and standards and your passionate commitment to the rule of law.
This will propel Korea's continued economic progress and assure Korea's global leadership as a country based on fairness and transparency providing equal opportunity to all.
The recent summit with U.S. President Joe Biden was an excellent opportunity to display your leadership and skills on the international stage.
By all standards, the summit was a success for you, your administration and for Korea and was an opportunity to prove to the Korean electorate that you are a capable and passionate leader with a vision on how to ensure Korea's voice is heard and heeded in the region in respect of diplomacy, security and economic matters.
I have no doubt that President Biden and the leadership of his administration were similarly impressed with the results of the summit and your excellent leadership. This will open the doors for further cooperation at all levels of your administration with the United States and other nations in the region and, equally important, further cooperation with the private sector as well.
Strengthening the partnership with the United States and further enhancing the commitment of both nations to the alliance will have a lasting impact on peace and security in the region. No doubt, all nations in the region were paying close attention to the results of this summit.
I am confident that they too were impressed with the mature leadership you displayed and your commitment to the principles of international law and order. This will have a positive impact on aligning their various policies to those of Korea and assuring that a more consistent voice is heard in the region.
In particular, the partnership announced with the United States and the agreement to jointly pursue areas of innovative technology involving semiconductors, electric vehicles, batteries, AI and the environment was an important and impressive result of the summit.
These are specific and deliverable objectives that will benefit the economies of both Korea and the United States. It is also a very real and justifiable confirmation that Korea is a critical and important partner of the United States.
No longer is Korea dependent on the largess of the United States for Korea's economic or security survival and these agreements are excellent examples of Korea's technological leadership and worthy partnership with the United States.
It is wise to closely partner with the world's largest economy and create a stronger integrated environment that will benefit Korea's economy and strengthen Korea's economic and diplomatic role in the region.
Prior to the summit with President Biden, the entire leadership of the American Chamber of Commerce in Korea sent you a letter assuring you of our support for your policies championed during your campaign.
We promised to work closely with your administration to make Korea the center of business in the Asia-Pacific region. We are anxious to expand the list of companies who are bringing their Asian headquarters to Korea.
Already, many companies have their Asian leadership located in Korea and more will follow. There are few important adjustments that can be made that will ensure this happens, to include the following:
― Restoration of 19 percent tax rate for foreign residents
― Improve the flexibility of employment conditions
― Eliminate much of the strict criminal liability on CEOs
― Restructure the inheritance tax law impact on foreign residents
The world is changing at an amazingly fast pace. Competitive pressures are real. The commitment to the rule of law will provide Korea with the credibility and strength to remain competitive and assure that the future generations of Korea can look forward to a fair, democratic, secure and prosperous nation.
Mr. President, you are on the right track. There will be significant challenges and hurdles to overcome, but your stated policies and commitment to principles of international law and order will bring Korea successfully to the finish line.
You are off to a great start and you can count on our continuing support.
Sincerely,
Jeffrey Jones
The writer is chairman of Partners for the Future Foundation, the American Chamber of Commerce in Korea.
By Jeffrey Jones
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I would like to extend to you my very heartfelt congratulations on your inauguration as the new president of South Korea after winning the March presidential election.
The American business community in Korea applauds your recent actions and policies to align Korea with international norms and standards and your passionate commitment to the rule of law.
This will propel Korea's continued economic progress and assure Korea's global leadership as a country based on fairness and transparency providing equal opportunity to all.
The recent summit with U.S. President Joe Biden was an excellent opportunity to display your leadership and skills on the international stage.
By all standards, the summit was a success for you, your administration and for Korea and was an opportunity to prove to the Korean electorate that you are a capable and passionate leader with a vision on how to ensure Korea's voice is heard and heeded in the region in respect of diplomacy, security and economic matters.
I have no doubt that President Biden and the leadership of his administration were similarly impressed with the results of the summit and your excellent leadership. This will open the doors for further cooperation at all levels of your administration with the United States and other nations in the region and, equally important, further cooperation with the private sector as well.
Strengthening the partnership with the United States and further enhancing the commitment of both nations to the alliance will have a lasting impact on peace and security in the region. No doubt, all nations in the region were paying close attention to the results of this summit.
I am confident that they too were impressed with the mature leadership you displayed and your commitment to the principles of international law and order. This will have a positive impact on aligning their various policies to those of Korea and assuring that a more consistent voice is heard in the region.
In particular, the partnership announced with the United States and the agreement to jointly pursue areas of innovative technology involving semiconductors, electric vehicles, batteries, AI and the environment was an important and impressive result of the summit.
These are specific and deliverable objectives that will benefit the economies of both Korea and the United States. It is also a very real and justifiable confirmation that Korea is a critical and important partner of the United States.
No longer is Korea dependent on the largess of the United States for Korea's economic or security survival and these agreements are excellent examples of Korea's technological leadership and worthy partnership with the United States.
It is wise to closely partner with the world's largest economy and create a stronger integrated environment that will benefit Korea's economy and strengthen Korea's economic and diplomatic role in the region.
Prior to the summit with President Biden, the entire leadership of the American Chamber of Commerce in Korea sent you a letter assuring you of our support for your policies championed during your campaign.
We promised to work closely with your administration to make Korea the center of business in the Asia-Pacific region. We are anxious to expand the list of companies who are bringing their Asian headquarters to Korea.
Already, many companies have their Asian leadership located in Korea and more will follow. There are few important adjustments that can be made that will ensure this happens, to include the following:
― Restoration of 19 percent tax rate for foreign residents
― Improve the flexibility of employment conditions
― Eliminate much of the strict criminal liability on CEOs
― Restructure the inheritance tax law impact on foreign residents
The world is changing at an amazingly fast pace. Competitive pressures are real. The commitment to the rule of law will provide Korea with the credibility and strength to remain competitive and assure that the future generations of Korea can look forward to a fair, democratic, secure and prosperous nation.
Mr. President, you are on the right track. There will be significant challenges and hurdles to overcome, but your stated policies and commitment to principles of international law and order will bring Korea successfully to the finish line.
You are off to a great start and you can count on our continuing support.
Sincerely,
Jeffrey Jones
The writer is chairman of Partners for the Future Foundation, the American Chamber of Commerce in Korea.
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