AmCham Delegation Visits Deputy Prime Minister Choi Sang-mok to Discuss Business Environment Improvement Measures
The American Chamber of Commerce in Korea (AMCHAM) delegation paid a visit to Deputy Prime Minister and Minister of Economy and Finance Choi Sang-mok at the Government Seoul Office in Jongno-gu, Seoul on the 2nd. They delivered the recently published "Strategy Report on Attracting Global Companies' Asia-Pacific Regional Headquarters to Korea" and discussed ways to improve the domestic business environment and policy directions.
The meeting was attended by James Kim, Chairman and CEO of AMCHAM, Hector Vizcarra, President and CEO of Korea GM, Yoo Myung-soon, President of Citibank Korea, Cho Ji-eun, President of LINA Life Insurance and Chief Representative of Chubb Group Korea, and Robert Smith, Senior Advisor at EY Hanyoung.
Chairman James Kim introduced, "AMCHAM recognized the growing trend among leading global companies to consider Korea as a potential regional headquarters in the Asia-Pacific region. Accordingly, we published this report containing various recommendations for institutional improvements in areas such as the labor market, tax administration, and the digital economy," AMCHAM reported.
He added, "As the largest and longest-standing chamber of commerce in Korea, AMCHAM will continue to faithfully serve as a bridge to enhance economic cooperation between Korea and the United States, while continuously supporting Korea’s establishment as a genuine Asia-Pacific business hub."
In response, Deputy Prime Minister Choi replied that efforts are underway to review ways to improve labor flexibility based on social dialogue, enhance predictability in tax enforcement, and ease digital regulations.
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Deputy Prime Minister Choi stated, "We will not be complacent with the 186 economic penalty regulation improvements initiated immediately after the launch of the Yoon Suk-yeol administration, but will accelerate further improvements. Through relentless regulatory reform, we will create an investment environment that meets international standards."
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