The article reports on a special luncheon hosted by the American Chamber of Commerce in Korea (AMCHAM) on the 19th, with Kim Moon-soo, the People Power Party’s presidential candidate, in attendance. During the event held at the Four Seasons Hotel in Seoul, James Kim, AMCHAM Chairman, expressed concerns that unique regulations in Korea are diminishing the country’s appeal in competing to attract regional headquarters in Asia.
James Kim noted that while Singapore, Hong Kong, and Shanghai have thousands of multinational company headquarters, Korea has fewer than 100, and he urged Kim Moon-soo to increase this number to 1,000 if elected as president. James Kim also referenced AMCHAM’s identification of 66 regulatory issues across 12 key industries that hinder U.S. companies from entering the Korean market.
In response, Kim Moon-soo promised to hold dialogues with the National Assembly to prevent adverse regulatory legislation and expressed his commitment to regulatory reform. He advocated for granting local authorities the power to release green belt areas to combat population decline in regional areas, and pledged to establish a regulatory reform office for tackling regulatory issues.
Furthermore, Kim Moon-soo underscored the importance of tax cuts to attract American businesses to Korea, labeling himself a proponent of tax reduction. He also mentioned that he would like to maintain U.S. military presence in Korea without reduction and seek effective solutions to defend against North Korean nuclear threats.
Regarding tariffs and trade risks originating from the U.S., Kim emphasized the special cooperative relationship between the U.S. and Korea, suggesting that open and sincere discussions could lead to positive responses across various sectors like shipbuilding, semiconductors, and automobiles, given the mutual trust as long-standing allies.