KCCI, AMCHAM Korea, GM Korea Collaborate to Expand U.S. Product Sales in Korea

Agreement Supports 'Buy America Campaign' to Enhance U.S. Product Procurement

By Michael Herh, BusinessKorea - The Korea Chamber of Commerce and Industry (KCCI), the American Chamber of Commerce in Korea (AMCHAM Korea), and GM Korea have signed a memorandum of understanding (MOU) to support the expansion of U.S. product sales in the Korean market.

On May 8, KCCI held an MOU signing ceremony at the Chamber of Commerce building in Jung-gu, Seoul, to cooperate with the “Buy America Campaign.” The event was attended by Chey Tae-won, chairman of KCCI, James Kim, chairman of AMCHAM Korea, Hector Villarreal, president of GM Korea, and Haley Sund, commercial officer at the U.S. Embassy in Korea.

The “Buy America” is a campaign led by AMCHAM Korea. It aims to strengthen economic cooperation, promote mutually beneficial trade, and balance trade between Korea and the U.S. by expanding the procurement of U.S. products in key industries such as energy and automobiles. Previously, AMCHAM Korea had signed agreements with companies like Homeplus and Lotte Global Logistics.

Through this agreement, U.S. automobile manufacturers will provide competitive prices and high-quality services, while the chambers will encourage the inclusion of U.S. vehicles in the consideration for executive and business vehicle purchases. They will also cooperate in addressing domestic regulations on U.S. vehicles.

KCCI Chairman Chey stated, “As the Korean and U.S. governments are actively engaged in trade consultations, this is a crucial turning point to resolve uncertainties in Korea’s trade environment with the U.S.” He emphasized, “However, since it is the role of businesses to create actual results, this MOU is significant in that it is a cooperation model led by the private sector.”

Chey added, “The Korean and U.S. business communities creating practical cooperation cases together will not only contribute to balancing the trade relationship between Korea and the U.S. but also positively influence trade consultations between the two governments.”

James Kim, chairman of AMCHAM Korea, said, “Through the Buy America Campaign, we aim to support Korean companies in more actively procuring U.S. products and further contribute to expanding trade cooperation between the two countries.” He added, “We hope that this MOU signing will lead to the creation of various practical trade cooperation models between the two countries.”

Hector Villarreal, president of GM Korea, emphasized, “This agreement is a strategic opportunity to expand the sales of U.S. vehicles in the Korean market. We will continue to grow in the Korean market based on creating a fair business environment, competitive pricing, service excellence, and partnerships.”

Source: https://www.businesskorea.co.kr/news/articleView.html?idxno=241819