Deputy Prime Minister and Minister of Economy and Finance Koo Yun-cheol has recognized members of the American Chamber of Commerce in Korea (AMCHAM) as integral to the Korean economy and has requested continued domestic investment.
Koo attended an AMCHAM-hosted meeting on August 19 at the Grand Hyatt Hotel in Seoul, where he outlined Korea's economic and financial policy direction and listened to the opinions of member companies. The meeting was attended by over 150 participants, including AMCHAM Chairman James Kim, U.S. government officials, and executives from domestic and international companies.
Koo stated, "The Korean government views AMCHAM member companies not as 'foreign enterprises' but as part of the Korean economy," noting that the investments and employment generated by these companies over the past 70 years have already become a part of Korea's economic landscape.
He further requested ongoing and expanded domestic investment, policy suggestions reflecting on-the-ground experiences, and effective communication to convey changes in Korean policy to global investors.
This meeting was a follow-up discussion regarding the 'Korean Financial Hub Promotion Strategy' report that AMCHAM submitted to the government in April. In response to AMCHAM's proposals, the government has decided to raise the foreign currency borrowing reporting threshold for foreign bank branches from $50 million to at least $100 million.
Koo also explained plans to ease foreign exchange regulations, including the transition to a 24-hour foreign exchange market and the formal launch of an offshore won payment system in January next year.
He highlighted that Korea's real growth rate is projected to reach 3% this year, the highest in five years, with the possibility of per capita income exceeding $40,000. Koo introduced the '3-4-5 Vision,' which aims for a potential growth rate of 3%, becoming the world's fourth-largest exporter, and achieving a per capita income of $50,000, along with three major mega projects in semiconductors, artificial intelligence (AI), and data centers.
To foster the capital market as a key platform for growth, the government plans to amend corporate laws to expand the duty of loyalty for directors to include shareholders and to gradually incorporate into the World Government Bond Index (WGBI).
During a discussion moderated by James Kim, strategies for implementing a $350 billion strategic investment between Korea and the U.S. were also addressed. Koo emphasized that with the establishment of the Korea-U.S. Strategic Investment Corporation (KUIC) in June, a foundational framework has been set, and both countries' private sectors should work together to identify projects that are viable and mutually beneficial.
In the AI sector, cooperation between AMCHAM's 'AI Leadership Committee' and the government was discussed. Koo remarked on the agreement between Korean companies and U.S. tech giants for $950 billion in collaboration, stating, "This is evidence that Korea is a promising hub in the global AI supply chain."
The government plans to consult with relevant ministries on the opinions raised during the meeting and to incorporate necessary institutional improvements into policy.
* This article has been translated by AI.
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