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AMCHAM,
KCCI urge Korean firms to seize US opportunities
Korean companies advised to leverage US
ties beyond trade, manufacturing
By Lee Min-hyung, The Korea Times - Korean
companies are advised to expand their operations in the United States, as
bilateral economic ties increasingly extend beyond trade to investment,
technology and supply-chain resilience, the American Chamber of Commerce in
Korea (AMCHAM) said Wednesday.
The U.S. business lobby and the Korea
Chamber of Commerce and Industry (KCCI) discussed opportunities and challenges
of Korean firms when they expand investment and operations in America during
the eighth annual Doing Business in the U.S. Seminar.
The seminar was held as part of a
special program marking the 250th anniversary of U.S. independence.
AMCHAM Chairman James Kim said the
economic relationship between the two countries is increasingly driven by the
aforementioned sectors, rather than trade alone.
“The next chapter of the U.S.-Korea
economic partnership will be defined not simply by how much we trade, but by
how much we build, invest, innovate and grow together,” Kim said.
KCCI Executive Vice Chairman Kim
Jeong-il emphasized the need for Korean companies to understand local
regulations and business conditions, while building reliable networks in the
U.S.
“The U.S. is an important market and
investment destination for Korean companies,” the KCCI executive said. “In
addition to strong technologies and products, a solid understanding of the
local regulatory and business environment is critical.”
The seminar featured executives from
SPC's Paris Croissant, Mirae Asset Securities and SK Biopharmaceuticals, who
shared their experiences of entering and expanding in the U.S. market. They
discussed market-entry strategies, local partnerships and the challenges of
establishing operations in the country.
The event also provided practical
guidance on key aspects of U.S. expansion, including corporate visas, real
estate, cross-border financial services and human resources.
Jung Yoo-joo, a U.S. attorney at Daeyang
Immigration Law Group, discussed corporate visa strategies and key immigration
considerations for companies establishing operations in the U.S.
“A U.S. visa is not simply an
administrative step to be handled just before departure; it is part of the
investment decision itself,” Jung said. “Capital can build a factory, but the
success of a U.S. operation ultimately depends on whether the right people can
be legally deployed on site when they are needed.”
U.S. officials and lawmakers also
highlighted the growing role of Korean investment in the American economy. U.S.
Sen. Todd Young of Indiana cited SK hynix's more than $4 billion (5.4 trillion
won) advanced packaging and research facility in West Lafayette as an example
of Korean investment supporting U.S. jobs and innovation.
Young also said Korean investment,
technical expertise and workforce development could help strengthen the U.S.
shipbuilding industry, an area he described as a key economic and national
security priority.
The seminar has served as a platform for
Korean companies to connect with U.S. policymakers, market experts and
potential business partners for eight years. AMCHAM said it will continue
supporting Korean companies seeking to establish and expand operations in the
U.S.
