Choi Tae-won to Foreign Chambers of Commerce in Korea: "We Must Unite to Survive"... Foreign Chambers Propose Expanding Incentives for Korea

'2024 Foreign Chamber Day' Meeting
Suggestions for Expanding New Industry Cooperation Opportunities

Choi Tae-won, Chairman of the Korea Chamber of Commerce and Industry (KCCI), emphasized to the heads of foreign chambers of commerce in Korea on the 24th that "we must unite to survive," adding, "I believe the businesspeople here can be partners who unite as members of the Korean economy."

On the same day, KCCI announced that it held a meeting called the '2024 Foreign Chamber Day' with representatives of foreign chambers of commerce in Korea at the KCCI Chamber Lounge in Jung-gu, Seoul. About 10 people attended the meeting, including Chairman Choi, James Kim, Chairman of the American Chamber of Commerce in Korea, Iguchi Kazuhiro, Chairman of the Seoul Japan Club, Stephan Ernst, Secretary General of the European Chamber of Commerce in Korea, and Holger Gehrmann, Chairman of the German-Korean Chamber of Commerce and Industry.

Chairman Choi stated, "Korea's foreign direct investment (FDI) ranks 23rd in the world, lagging behind major countries such as the United States, China, Japan, and Singapore," adding, "There is still much room for foreign companies' activities that expand innovation and entrepreneurship to contribute further."

He continued, "I believe that the management activities and proposals of foreign companies serve as a barometer that can upgrade our economy from a 'global standard' perspective."

Choi Tae-won, Chairman of the Korea Chamber of Commerce and Industry (center), is giving a greeting at the '2024 Foreign Chamber Day' meeting held on the afternoon of the 24th at the KCCI Chamber Lounge in Jung-gu, Seoul.
[Photo by Korea Chamber of Commerce and Industry]

During the meeting, KCCI and the foreign chambers of commerce in Korea discussed global issues together. They talked about difficulties and improvement measures in areas such as economic cooperation, labor, trade, and certification.

James Kim, Chairman and CEO of the American Chamber of Commerce in Korea, said, "Korea is an attractive investment destination maintaining a strong alliance with the United States through the Free Trade Agreement (FTA) and ally-shoring (building supply chains with allied countries)," adding, "Since Korea has excellent conditions to emerge as Asia's number one regional headquarters, I hope efforts will be made to attract global regional headquarters through various incentives."

Holger Gehrmann, Chairman of the German-Korean Chamber of Commerce and Industry, said, "I hope the renewable energy system will be advanced through amendments to wind energy-related laws and that cooperation opportunities in new industries such as pharmaceuticals will increase."

Stephan Ernst, Secretary General of the European Chamber of Commerce in Korea, requested, "Please strengthen economic cooperation between both sides in areas such as climate change and the digital economy, and work on upgrading the Korea-European Union (EU) Free Trade Agreement (FTA)."

The foreign chambers of commerce in Korea presented the following agenda items: ▲ Incentive support such as rent subsidies for establishing regional headquarters of foreign companies (United States) ▲ Establishment of separate standards for restricted substances in metal jewelry (Europe) ▲ Relaxation of the 49% foreign ownership limit when registering foreign law firms (United Kingdom) ▲ Establishment of advanced labor-management relations.

Woo Tae-hee, Executive Vice Chairman of KCCI, said, "Foreign investment not only raises production capacity and capital for economic growth to a higher level but also has the effect of having allies domestically to jointly address global issues," adding, "I hope to discover many cooperative tasks through regular dialogues with foreign chambers of commerce in Korea."

The foreign chambers of commerce in Korea serve as a channel representing the interests of foreign companies investing in Korea and resolving common difficulties. Currently, there are 18 representative organizations in the form of chambers or associations. Last year, FDI in Korea reached a record high of $32.72 billion (about 44 trillion won). Korea has attracted over $30 billion (about 40 trillion won) for two consecutive years.

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