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Trade minister vows support for foreign companies during political turmoil

Published: 11 Dec. 2024, 10:37

Trade Minister Cheong In-kyo speaks during a meeting in Seoul on Wednesday. [MINISTRY OF TRADE, INDUSTRY AND ENERGY]

Trade Minister Cheong In-kyo vowed to maintain a stable economic environment for foreign companies operating in the country while meeting with representatives from a U.S. business lobby group in Korea on Wednesday amid lingering political turmoil.

Cheong's meeting with officials from the American Chamber of Commerce in Korea (AMCHAM) came about a week after President Yoon Suk Yeol's controversial martial law declaration, which caused significant uncertainties in the local business environment and financial markets.

"The government will implement planned policies without delay to reassure foreign companies and enable them to focus on economic activities, despite the domestic political situation," Cheong said, expressing gratitude for AMCHAM members' contributions to the local economy.

During the meeting, the two sides also discussed ways to further expand economic ties between Korea and the United States, along with measures to promote foreign investment in Asia's No. 4 economy.

AMCHAM Chairman James Kim advised the government to lift regulations in the labor market, tax administration and digital economy to position Korea as an economic hub in the Asia-Pacific region, especially amid the reshuffling of global supply chains and trade fragmentation.

The trade ministry said it also plans to hold meetings with other foreign business lobby groups, including those of the European Union and Japan, to discuss cooperation amid uncertainties.

Yonhap