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Amcham seminar discusses doing business in Korea amid political, economic challenges

Published: 29 Apr. 2025, 15:54 Updated: 29 Apr. 2025, 18:15

KIM JU-YEON
[email protected]

From second from the left in the front line, Executive Vice President and President Sachin Satpute of Novelis Asia; Executive Vice Chairman Park Il-jun of the Korea Chamber of Commerce & Industry; Minister for Trade Cheong In-kyo from the Ministry of Trade Industry and Energy; Vice Chair Kim Woni of the National Assembly’s Trade, Industry, Energy, SMEs and Startups Committee; Chairman & CEO James Kim of the American Chamber of Commerce in Korea (Amcham); Deputy Chief of Mission Joy Sakurai from the U.S. Embassy Seoul and President Vaughn Hall of Corning Precision Materials & Korea Region pose for a photo following Amcham's "Doing Business in Korea" seminar held at Conrad Seoul Hotel on April 29. [AMCHAM]

The American Chamber of Commerce in Korea (Amcham) discussed ways to navigate the current business environment in Korea amid political transition and economic headwinds in a seminar on Tuesday, the chamber said the same day.

Amcham’s annual “Doing Business in Korea" seminar took place under the theme “Shaping the Regulatory Environment for Sustainable Trade” at the Conrad Seoul Hotel in Yeongdeungpo District, western Seoul.

This year’s edition particularly aimed to provide insight into Korea’s regulatory landscape and global investment competitiveness in anticipation of the 2025 Asia-Pacific Economic Cooperation Forum (APEC) summit set to take place in Gyeongju in May for the first time in over two decades, Amcham said.

Speakers shared findings from Amcham’s “2025 Business Environment Insight Report” that identified around 70 regulatory challenges across 12 sectors, including pharmaceuticals, energy and chemicals.

According to the report, double the number of companies rated Korea’s business environment as “below average” compared to last year, while 57 percent of firms responded that government policies had negatively impacted their operations in Korea this year, compared to 36 percent in 2024.

The seminar was attended by top government officials and company executives including Trade Minister Cheong In-kyo; the National Assembly’s Trade, Industry, Energy, SMEs and Startups Committee Vice Chair Kim Won-i; Korea Chamber of Commerce and Industry Vice Chairman Park Il-jun and Joy Sakurai, deputy chief of mission at the U.S. Embassy in Seoul.

“As we mark 100 days into President Trump’s administration and prepare for Korea’s presidential election, the U.S.-Korea economic partnership stands at a critical juncture. It is more important than ever to address Korea-specific regulatory challenges and create a more sustainable, transparent trade environment,” Amcham Chairman & CEO James Kim said in his opening remarks.

“Strengthening these foundations will not only enhance Korea’s competitiveness as the leading Asia-Pacific headquarters hub but also contribute meaningfully to the success of APEC 2025,” Kim said.

BY KIM JU-YEON [[email protected]]