AmCham Proposes to New Government 'Expansion of 52-Hour Exemption and Easing of Serious Accident Punishment Act'

Ahn Cheol-soo, the presidential candidate of the People’s Party, attended a special meeting hosted by the American Chamber of Commerce in Korea at the Four Seasons Hotel in Jongno-gu, Seoul, on the 9th. Before the meeting began, he was seen conversing with James Kim, the chairman of AmCham. Photo by the National Assembly Press Corps

[Asia Economy Reporter Oh Hyung-gil] The American Chamber of Commerce in Korea (AMCHAM) has proposed institutional improvements aimed at making South Korea a more attractive investment destination and further establishing it as a business hub in the Asia-Pacific region, ahead of the new government launching in May.

On the 29th, AMCHAM announced that it submitted policy recommendations through a letter sent to the Presidential Transition Committee the previous day, representing the U.S. business community in Korea.

The recommendations were drafted after collecting opinions from member companies and obtaining signatures from 34 AMCHAM board members.

The main points include ▲ expanding exemptions from the 52-hour workweek system to improve flexibility in employment and labor policies ▲ mitigating CEO risks related to the Serious Accidents Punishment Act ▲ tax reform for foreign residents ▲ and the need to improve the regulatory environment by guaranteeing companies the opportunity to provide prior opinions when new regulations are introduced or existing ones are amended.

James Kim, Chairman of AMCHAM, stated, "We will continue to play a key role as a bridge connecting the governments and businesspeople of both countries by working closely with the next administration," adding, "We will spare no effort in providing the necessary support to make South Korea the most preferred business hub for global companies in Asia."

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