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| U.S. Ambassador to South Korea Harry Harris, right, and American Chamber of Commerce in Korea (AMCHAM) Chairman and CEO James Kim listen to a speech during a conference hosted by the latter at the Grand Hyatt Seoul hotel, Friday. / Yonhap |
By Baek Byung-yeul
U.S. Ambassador Harry Harris expects the staunch Korea-U.S. alliance will help the two countries swiftly and effectively overcome the economic impact caused by the COVID-19 pandemic.
"As we look back at the first great conflict in the long struggle of the Cold War, we can fully appreciate the fruits of that struggle in the present-day Republic of Korea," the ambassador said during a conference held by the American Chamber of Commerce in Korea (AMCHAM) at the Grand Hyatt Seoul hotel, Friday.
"As the ROK has changed and developed over the years, so has the U.S.-ROK Alliance. The Alliance is dynamic, and we've built a multi-dimensional partnership reinforced by shared values, shared concerns, and common economic interests, all underpinned by deep people-to-people ties," he added.
Noting that the COVID-19 pandemic "has put a clear damper on both global and Korean economic growth, and has put many normal business activities on hold," the Ambassador said "we continue to pursue our key, bilateral commercial initiatives in close coordination with AMCHAM, notwithstanding the limitations imposed by COVID 19."
"Looking ahead, and especially toward the day when we emerge from the cloud of COVID, we will continue to foster our strong partnership with AMCHAM in helping Korean and American companies lead the world with innovative and cutting-edge technologies, to protect Americans and American interests and values, and to advance our commercial ties," he added.
Being conscious that the U.S. has been waging a trade dispute with China, Harris also mentioned how important the alliance between Korea and the U.S. was in terms of protecting intellectual property owned by Americans.
"We continue to pursue ways to support the advancement of cutting-edge U.S.-based technology and are monitoring Korean regulations of this technology… and the protection of data and privacy concerns. We are closely following how the Telecommunications Business Act will be implemented." he said.
Ministry of Trade, Industry and Energy Sung Yun-mo also joined the seminar and urged U.S. companies to invest more in Korea, which has been praised for its effective handling of the COVID-19 pandemic.
"In its fight against COVID-19, Korea is a very transparent, safe destination for investment. Many Korean companies in semiconductors and secondary batteries that have many different demands. The Korean government will also increase incentives for investment in many areas," Sung said.
Founded in 1953, the AMCHAM Korea is the largest foreign chamber here with more than 800 member companies.
During the conference, AMCHAM Korea also shared the concerns of its member companies on doing business after the virus pandemic that has made it difficult for every country to manage their economies.
According to the chamber, the majority of its members expect to make a full recovery within one year though the pandemic has impacted their revenue in Korea.
They added they are struggling with various business risks due to the pandemic and this will lead a decrease in investment or employment in Korea. But when assessing how the Korea has responded to the coronavirus pandemic, they gave positive marks to the government's handling of the virus saying the country has become a role model to the world showing a democratic and transparent approach to overcoming the crisis.
The U.S. companies doing business here added they were taking various measures to adjust to the "new normal" in the post-COVID-19 world, but asked the government to provide more support in terms of financial or in-kind aid that could help them make a strong economic recovery.
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