AmCham and Gyeongsanowi Hold Private Policy Meeting... Discuss Regulatory Improvement Measures
Executive Meeting with James Kim and Kim Munsu
James Kim: "Urgent Need for Flexible Regulation Framework"
Kim Munsu: "Need to Mitigate Labor-Management Relationship Risks"
The American Chamber of Commerce in Korea (AMCHAM) and the Economic, Social and Labor Council (ESLC) held a policy meeting between executives on the morning of the 29th in the AMCHAM conference room to discuss improvements in labor relations and labor market regulations from the perspective of U.S. invested companies.
James Kim, Chairman and CEO of AMCHAM, stated, "Although South Korea is emerging as an attractive destination for foreign direct investment (FDI) and a preferred location for Asia-Pacific Regional Headquarters (APAC RHQ), somewhat rigid labor policies and other regulations are hindering active investment attraction," adding, "It is urgent to establish flexible labor regulations that respond to rapidly changing global market demands and differentiate from competing countries in the Asia-Pacific region."
He also said, "Improving employment and labor policies will be the cornerstone for South Korea's sustainable economic growth," and added, "We look forward to open dialogue to advance discussions on employment and labor policies, which are key to regulatory improvements, through this meeting."
Kim Moon-soo, Chairman of the ESLC, responded, "South Korea is about to officially start tripartite dialogue on labor regulations such as working hours systems, improvement of the dual labor market structure, and extension of retirement age," and said, "It is very meaningful to listen to AMCHAM's voice regarding labor regulations while competing countries are eager to attract production facilities in sectors like semiconductors and automobiles."
He continued, "We hope that this meeting will serve as an opportunity to alleviate the labor relations risks that act as obstacles to U.S. companies entering Korea and to highlight Korea as a leading APAC RHQ location in Asia."
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The meeting broadly discussed the diagnosis of Korean labor relations and regulatory improvement measures from the perspective of U.S. invested companies, the role of labor, management, and government in attracting Asia-Pacific regional bases in Korea, and future cooperation plans between the two organizations.
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