Ahn Cheol-soo vows to ease regulations for US firms

People's Party presidential candidate Ahn Cheol-soo, front row fourth from left, and American Chamber of Commerce in Korea (AMCHAM) Chairman James Kim, front row fifth from left, pose with a delegation of U.S. companies here, during an event at the Four Seasons Hotel Seoul, Wednesday. Korea Times photo by Oh Dae-keun

By Park Jae-hyuk

Presidential candidate Ahn Cheol-soo of the minor opposition People's Party promised representatives of U.S. companies in Korea that he will alleviate business regulations to prompt American and global enterprises to increase their investments here.

“We promise to make Korea the best investment destination for U.S. and global companies,” he said in a special meeting hosted by the American Chamber of Commerce in Korea (AMCHAM).

Ahn told AMCHAM Chairman James Kim that he will create a corporate environment that meets global standards, expand labor flexibility, introduce flexible work systems, encourage competition among Korean cities to attract U.S. companies and help foreign-invested firms hire highly skilled workers here.

Kim said that AMCHAM appreciates Ahn's leadership in setting out foreign direct investment and establishing policies to make Korea the headquarters of many companies in Asia.

“We also understand that Mr. Ahn's ambition is to promote more digital transformation and focus on key strategic businesses such as 5G and biopharma,” the AMCHAM chairman said. “We need the Korean government's proactive support to win these R&D investments into Korea. Now is a perfect time to put our best effort forward.”

On a related note, Ahn emphasized the science and technology alliance between Korea and the U.S.

“The Korea-U.S. alliance must solve issues related to deepening inequality, carbon neutrality and infectious diseases through science and technology exchange and global cooperation,” the candidate said. “The Korea-U.S. alliance, an enduring partnership for economic prosperity and world peace, should develop into a super-gap science and technology alliance.”

He also had an in-depth discussions with AMCHAM members on the latest global issues, such as management of environmental, social and corporate governance (ESG) factors, as well as the nation's gender pay gap.

According to AMCHAM, the event was part of a series of meetings with Korea's presidential candidates, ahead of the upcoming presidential election in March. The largest foreign chamber in Korea hosted a meeting with main opposition People Power Party (PPP) presidential candidate Yoon Suk-yeol last December.

The organization said Wednesday's event was attended by members of the AMCHAM board of governors and about 40 U.S. corporate representatives.