AmCham-Korea German Chamber of Commerce Meets Speaker Park Byeong-seok, Urges Lowering Corporate Tax and Labor Regulation Barriers

[Asia Economy Reporter Hwang Yoon-joo] The American Chamber of Commerce in Korea (AmCham) met with Park Byeong-seok, Speaker of the National Assembly, along with the Korean-German Chamber of Commerce and Industry (KGCCI) to discuss challenges faced by foreign companies in Korea regarding taxes, labor regulations, and other business environment issues.

AmCham announced on the 21st that, together with KGCCI, they paid a courtesy visit to Speaker Park Byeong-seok to discuss ways for Korea to establish itself as the number one business hub for global companies.

The meeting was attended by James Kim, Chairman and CEO of AmCham, Park Hyun-nam, Chairman of KGCCI, and Martin Henkelmann, CEO of KGCCI, representing the business communities of the United States and Germany, Korea’s most important trade and investment partners. They discussed ways to maximize the competitiveness of the business environment in Korea and strengthen public and private cooperation among the three countries.

Speaker Park Byeong-seok, Chairman James Kim, Chairman Park Hyun-nam, and CEO Henkelmann all agreed on the importance of aligning Korea’s relatively high corporate and personal tax rates and strict labor regulations to levels comparable to competing countries in East Asia.

They also exchanged views on proposals to promote travel for those fully vaccinated against COVID-19 and the need for mutual cooperation related to ESG in the post-COVID economic recovery era.

James Kim, Chairman and CEO of AmCham, stated, "Based on Korea’s strong response to overcoming COVID-19, world-class IT and manufacturing capabilities, and top-tier talent, Korea has secured a favorable position to establish itself as a new hub in Asia." He added, "Following the summit between President Biden and President Moon last May, greater cooperation will be necessary to bring more trade, investment, and quality jobs to both countries through Korean companies’ investments."

Park Hyun-nam, Chairman of KGCCI, evaluated, "As of 2020, Korea demonstrated its strength by ranking second in exports to Germany among Asia-Pacific countries, and we are witnessing stronger momentum than ever in the global economy dominated by the pandemic."

CEO Henkelmann added, "The EU-Korea Free Trade Agreement (FTA) has had a very positive impact on companies in both Korea and Germany. As the FTA marks its 10th anniversary, it is time to discuss modernization measures that can bring even greater benefits to both countries."

Meanwhile, KGCCI has been contributing to the creation of quality youth jobs through vocational training (Ausbildung) programs with German automobile and truck manufacturers since 2017, based on continuous interest in Korea’s excellent workforce.

This content was produced with the assistance of AI translation services.