Seoul: South Korean and U.S. companies need to build on the bilateral joint fact sheet released last week that will serve as a "milestone" for deeper partnership amid rapidly shifting trade dynamics, the head of the American Chamber of Commerce in Korea (AMCHAM) has said.
According to Yonhap News Agency, James Kim, chairman of AMCHAM, emphasized the significance of the joint fact sheet, describing it as another milestone in the deepening economic ties between South Korea and the United States. The statement was made during a seminar held in Seoul, where Kim highlighted the importance of the agreements reached between President Lee Jae Myung and U.S. President Donald Trump. The document outlines Seoul's US$350 billion investment pledge in return for reduced tariffs on South Korean goods.
Kim assured that AMCHAM would continue to support Korean companies in navigating U.S. policies to ensure their sustained growth. Park Dong-min, executive vice president of the Korea Chamber of Commerce and Industry, co-hosted the seminar and echoed Kim's sentiments. He noted that the fact sheet is expected to help South Korean businesses pursue further opportunities in the U.S. market, especially in strategic sectors such as shipbuilding, semiconductors, space, and AI.
The seminar took place against a backdrop of growing uncertainties for South Korean companies operating in the United States, following an immigration raid in Georgia that saw over 300 Korean workers arrested and detained in early September. This incident prompted the formation of a bilateral visa working group to address the challenges faced by South Korean businesses entering the U.S.
Jung Man-suk, an attorney at Daeyang Immigration Law Group, emphasized the importance of choosing the correct visa category for Korean companies seeking market entry and personnel deployment in the U.S. He pointed out that the scope of permissible activities and the likelihood of visa approval can vary significantly, making a thorough understanding of these distinctions crucial for success.