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Amcham inks agreement with North Gyeongsang to attract global investment

Published: 09 Mar. 2025, 16:48 Updated: 09 Mar. 2025, 17:07

CHO YONG-JUN
[email protected]

North Gyeongsang Gov. Lee Cheol-woo, left, and America Chamber of Commerce in Korea Chairman and CEO James Kim pose for the camera after signing a memorandum of understanding in Gyeongju, North Gyeongsang, on March 7. [AMCHAM]

The American Chamber of Commerce (Amcham) in Korea will collaborate with North Gyeongsang to attract global investment in the region ahead of the 2025 Asia-Pacific Economic Cooperation (APEC) Summit in Gyeongju.

“With the APEC Summit on the horizon, this collaboration will be instrumental in showcasing North Gyeongsang’s investment potential and Korea’s economic resilience to the world,” said James Kim, Amcham Korea’s chairman who is also a member of the Executive Committee of the 2025 APEC CEO Summit Organizing Committee. “It is especially meaningful to formalize this agreement in Gyeongju, which will soon be in the global spotlight as the host of the 2025 APEC Summit.”

The signing ceremony was held at the The-K Hotel & Resort in Gyeongju on Friday, with Kim and North Gyeongsang Gov. Lee Cheol-woo in attendance alongside Novelis Korea Vice President Park Jong-hwa, Visa Korea Country Manager for Korea and Mongolia Patrick Storey and Coupang’s deputy general counsel, Peter Jasinski.

“We are committed to making every effort to establish the province as a premier destination for international investors,” the North Gyeongsang governor said, adding that the 2025 APEC Summit is an “invaluable opportunity” for the region to attract global businesses.

“Through this partnership, we will actively work to position North Gyeongsang as the ideal investment destination for U.S. businesses, ensuring they recognize the vast opportunities our province has to offer.”

Amcham Korea signed similar partnerships with South Jeolla and Incheon as well as with Goyang, Hwaseong, Suwon, Paju in Gyeonggi, to facilitate global investments in rural hubs outside of Seoul.

The 2025 APEC Summit, scheduled for late October, will be the second time Korea has hosted the event since 2005. With over 20,000 participants anticipated, the summit will serve as a platform for high-level discussions on economic growth, regional cooperation, trade, and investment across the Asia-Pacific region.

North Gyeongsang Gov. Lee Cheol-woo, sixth from left, and America Chamber of Commerce in Korea Chairman and CEO James Kim, seventh from left, pose for the camera after signing a memorandum of understanding in Gyeongju, North Gyeongsang, on March 7. [AMCHAM]

BY CHO YONG-JUN [[email protected]]