AmCham to Review 'Door Knock' in July... Will Mirae Asset Also Visit the U.S.?

Domestic Companies Join as Members to Participate in 'DoorNok'
Financial Industry's First 'DoorNok' Participation This Year Draws Attention
Mirae Asset Likely to Expand Business in the US

[Asia Economy Reporter Hwang Yoon-joo] The American Chamber of Commerce in Korea (AmCham) is considering holding the 'Door Knock' event this coming July. With James Kim, AmCham's chairman, being appointed as the chairman of the board of Mirae Asset Global Investments, attention is also focused on whether Mirae Asset Financial Group will visit the U.S. this year.

According to industry sources on the 8th, AmCham has settled on holding the 'Door Knock' in Washington D.C. this July. Initially, there was consideration to hold it in Korea in May, but due to the presidential inauguration and U.S. President Joe Biden's schedule, it is now planned for July.

'Door Knock' is an annual meeting where American Chambers of Commerce worldwide return to the U.S. to facilitate understanding of each country's economic and political situations. Although it formally operates under the guise of an economic organization representing American companies, it effectively functions as a diplomatic and intelligence entity that gathers information on corporate regulations, tariffs, and political issues to report back to the U.S.

The postponement of the usually held April-May 'Door Knock' to July is due to the special circumstances of a government transition period. After collecting current issues from member companies, AmCham exchanges opinions with the Korean government and then brings key issues to the U.S. political sphere. This schedule takes into account the next government’s inauguration (May 10) and meetings with the new administration. AmCham is focusing on economic issues such as discriminatory taxes on foreign companies (inheritance tax, etc.), the Serious Accident Punishment Act, and labor flexibility.

In particular, this year there is interest in whether the domestic financial industry will participate in the 'Door Knock.' Previously, only U.S. companies in Korea participated, but since Hyundai Motor first joined in 2017, domestic companies have also been visiting the U.S. together.

Among financial firms, attention is focused on whether Mirae Asset Group will participate. Mirae Asset Global Investments appointed James Kim, AmCham chairman, as its board chairman this year, signaling its intention to expand global business. Mirae Asset Global Investments has strengthened its exchange-traded fund (ETF) capabilities through acquisitions such as the 2018 purchase of the U.S. asset manager 'Global X,' threatening the position of Samsung Asset Management, the market leader in ETFs.

An AmCham official said, "Recently, the Korean financial industry has shown growing interest in U.S. business by acquiring U.S. financial firms or expanding overseas alternative investments," adding, "This year, it is highly likely that financial firms will participate in the 'Door Knock' for the first time."

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