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AMCHAM annual forum underscores two-way growth of ‘economic alliance’
Executives of Korean companies operating in the United States and U.S. firms doing business in Korea joined for discussions on continuing prosperity
By PARK EUN-JEE,
Korea JoongAng Daily - The American Chamber of Commerce in Korea (AMCHAM)
brought together executives from Korean companies operating in the United
States and U.S. companies doing business in Korea at its annual forum on
Wednesday to share strategies for overseas expansion and ways to overcome
business challenges.
The panels for
the main session include Choi Han-do, head of global business of the Paris
Croissant brand at SPC, Kim Mi-Seob, CEO and Vice Chairman of Mirae Asset
Securities, and Yu Chang-ho, vice president of SK Biopharmaceuticals.
While their
business areas vary, common ground can be found in the substantial portion of
revenue earned in the United States, according to AMCHAM Chairman and CEO James
Kim.
“The
U.S.-Korea economic relationship now extends far beyond trade. It is
increasingly defined by investment, technology, innovation and supply-chain
resilience,” Chairman & CEO Kim said. “SPC and Mirae Asset are among the
many AMCHAM member companies building and growing their businesses in the
United States.”
Titled “Korean
Companies in America: Driving Growth, Innovation, and Investment in the United
States,” this year’s seminar was also intended to commemorate the 250th
anniversary of U.S. independence.
U.S.
Ambassador to Korea Michelle Steel underscored how bilateral relations,
initially rooted in security, have expanded to encompass broader commercial
ties.
"Korea's
cumulative direct investment in the United States reached more than $96 billion
last year," she said in a speech, noting that the funding segment ranges
from health care and beauty to technology to food.
"This
tells us something important about our relationship," she continued.
"The U.S.-Korea alliance began as a commitment on defense and security.
Today, it is also an economic alliance."
U.S. Sens.
Todd Young, Republican of Indiana, and Andy Kim, Democrat of New Jersey, also
delivered remarks commemorating deepening economic ties.
“Looking
ahead, revitalizing America’s shipbuilding industry remains one of my top
priorities. America’s maritime strength is critical to both our economic
competitiveness and national security. South Korea can complement that work
through investment, technical expertise, and work force development that help
improve productivity and expand U.S. shipyard capabilities,” said Young, who
co-chairs the U.S. Senate Korea Caucus, after citing the recent groundbreaking
of SK hynix's packaging facility in the state.
Around 300
government and business leaders and investment professionals from Korea and the
United States participated in the event.
