The Korean-German Chamber of Commerce and Industry (KGCCI; Chairperson Hyun-Nam Park and President & CEO Dr. Martin Henkelmann) and The American Chamber of Commerce in Korea (AMCHAM; Chairman and CEO James Kim) met H.E. Park Byeong-seug, Speaker of the 21st National Assembly of the Republic of Korea, at the capitol building on July 20, 2021.
Representing the business communities of two of Korea’s most important trading and investment partners, Chairperson Park, Dr. Henkelmann and Chairman Kim shared ideas and recommendations on how to maximize the competitiveness of the Korean business environment and enhance cooperation between the three countries’ public and private sectors.
KGCCI Chairperson Hyun-Nam Park said: “KGCCI, celebrating its 40th anniversary, is witnessing the ever-growing importance of the Korean-German business relations. As of 2020, Korea is now the second largest export country to Germany in Asia-Pacific. We see an ever-stronger momentum now during the pandemic and in the international economic context.”
KGCCI President and CEO Dr. Henkelmann pointed out: “The EU-Korean Free Trade Agreement (FTA) has had and still has a very positive impact on businesses in Korea and Germany. The 10th anniversary of the FTA would be very good occasion to engage in discussions on how to modernize it to make it even more beneficial for both sides.”
“Based on its strong response to COVID, its world-leading IT and manufacturing capabilities, and its first-class human resources, Korea has a great opportunity to position itself as a new regional hub for Asia,” remarked AMCHAM Chairman and CEO James Kim. “At the summit between President Biden and President Moon in May, Korean companies announced nearly $40 billion in in investments in the U.S. in future industries. I believe there is huge potential for more cooperation that will bring more trade, investments and high-quality jobs to both countries.”
Speaker Park and the two chamber heads discussed a range of potential measures to make Korea a more competitive destination for foreign businesses. In particular, the participants discussed the importance of aligning Korea’s relatively high corporate and individual tax rates and stringent labor regulations with peer markets in East Asia. They also shared suggestions to promote Korea’s post-COVID-19 economic recovery, including by facilitating travel for individuals who are fully vaccinated for COVID-19.
In addition, the participants noted the strong potential for cooperation in the environment, social and corporate governance (ESG)-related initiatives. AMCHAM launched an ESG Committee and held the first U.S.-Korea ESG Seminar in May of 2021. The participants expressed keen interest in pursuing further cooperation to share and implement global best practices for ESG in Korea.
KGCCI, with its continued interest in Korea’s qualified workforce, reported about the very successful activities of German car and truck manufacturers in the field of Vocational Training (Ausbildung) which contributed in creating quality jobs for talented young Koreans since 2017.