Kim Dong-yeon tells AmCham Chairman "Labor Flexibility Essential for US Companies' Investment"

Special Meeting Invited by the American Chamber of Commerce in Korea

"Social Grand Compromise Breaking Party Taboos"

Kim Dong-yeon, the New Wave presidential election candidate, held a press conference on the 21st of last month at the election camp in Yeongdeungpo-gu, Seoul, proposing a meeting with candidates Lee Jae-myung and Yoon Seok-youl. Photo by Yoon Dong-joo doso7@

[Asia Economy Reporter Moon Chaeseok] Kim Dong-yeon, the presidential candidate of the New Wave party, said on the 11th, "Through a social grand compromise that breaks the taboos of both progressives and conservatives, we will definitely secure labor stability in the Korean economy." He emphasized that it is difficult to revitalize investment by U.S. companies in Korea without resolving the issue of labor flexibility.

On the morning of the same day, Kim met James Kim, chairman of the American Chamber of Commerce in Korea (AmCham), at the IFC Forum in Yeouido, Seoul, and made these remarks. About ten representatives of U.S. companies, including AmCham board members, attended the meeting. Participating companies included Baker Hughes, GE Korea, HP Printing Korea, IBM Korea, Microsoft, Korea MSD, and the law firm Sejong. AmCham is holding meetings with presidential candidates ahead of next month's election.

He stressed that the core of supporting U.S. companies in Korea is to "secure labor flexibility." He said, "Progressives need to persuade the labor side to concede labor flexibility, and conservatives need to propose enhancing labor stability to the management side so that a big deal can be made," promising, "Through a social grand compromise that breaks each other's taboos, we will definitely secure labor stability in the Korean economy." Kim asked the participants to increase direct investment in the Korean market, especially urging them to expand investment in research and development (R&D). He added, "The government will spare no effort in various supports, including securing labor flexibility," and said, "In the 'Land of Opportunity' Korea that we will create, U.S. companies in Korea will have abundant opportunities to invest, operate, and grow."

Chairman Kim responded, "We expect candidate Kim to play an important role in establishing policies to promote foreign direct investment and to make Korea the Asian regional headquarters for many companies," and said, "Active support from the Korean government is absolutely necessary to attract research and development (R&D) investment, and now is the right time to discuss this."

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