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[News Article] KOTRA-AMCHAM holds first "Business+ Forum" to support expats working in S. Korea

KOTRA-AMCHAM holds first "Business+ Forum" to support expats working in S. Korea Min Suk-hyen, Arirang News - Under the theme "2022 Guidelines for Foreign Businesses in Korea" the first "Business-Plus Forum" kicked off on Thursday featuring sessions aimed at helping foreign companies, international organizations and embassies in Korea better understand the country's latest economic and industrial trends. "In Korea, there are a lot of foreigners and foreign companies. While they have more opportunities to understand Korean culture, they don't have that much of an opportunity to get accurate information about the country's economy or industry. That's why we decided to hold the forum to provide information about Korea's economy and help people broaden their networks between other foreign chambers." Thursday's event focused on sharing insights into South Korea's economy under the incoming Yoon Suk-yeol administration, its economic initiatives, challenges that may lie ahead as well as potential business opportunities. The Business-Plus Forum will now be held every month with different foreign chambers taking turns to co-host the forum. Taking the wheel in April will be the Norwegian chamber of commerce and the British chamber in May. "Next month's theme is going to be Korea's transition into renewable energy and what lays (ahead for) business opportunities there… and also how the Korean laws, rules, and regulations kind of support this transition." The forum follows an MOU signed between KOTRA and eighteen foreign chambers of commerce in Korea, promising to cooperate and hold business sessions for fellow expats in the country. "Going forward, KOTRA says it will continue to support foreign chambers of commerce, by not only providing them with such lectures, but also by connecting them with relevant South Korean ministries."  Source: http://www.arirang.com/News/News_View.asp?nSeq=295897​

2022.03.25

[Op-Ed] Upholding global standards needed to attract foreign investment

[AMCHAM to attend Roundtable] Upholding global standards needed to attract foreign investment By James Kim, The Korea Times - With the new Korean government in place amid rising geopolitical tensions, we are seeing a unique window of opportunity for Korea to emerge as a regional hub in Asia over the next two years.   At American Chamber of Commerce in Korea (AMCHAM), we firmly believe Korea is well positioned to emerge as a regional business headquarters. We appreciate that the Korean government has recognized the importance of foreign direct investment (FDI) inducement and shown that they value stakeholder input from the international business community. We are seeing more interest than ever from U.S. companies in investing in Korea across various industries. We already have seven boards of governors running Asia from Korea. The relocation of the New York Times Asia Headquarters from Hong Kong to Seoul is also a powerful testament to the attractiveness of Korea. It will become even more telling as more companies appoint heads of Asia to be stationed here in Korea.   AMCHAM had the opportunity to meet with then candidate Yoon Suk-yeol last December to discuss his vision for his presidency. Among his many goals, there were a few that are critical to American businesses in Korea. This includes supply chain issues that have plagued many of our businesses over the past several months. He also talked about increasing cooperation on strategic industries, such as biopharma, semiconductors and digital technology.   President-elect Yoon Suk-yeol also wants to revitalize the post-pandemic economy through regulatory reform, related to tax and labor. As Korea still ranks unfavorably in the region in terms of stringent regulations for business, this is essential for facilitating innovation and activity by foreign companies in Korea. Korea can increase its economic dynamism and become attractive to foreign investors by adjusting to meet global standards. Korea's corporate and individual tax regime could be made much more competitive compared to its peer countries in Asia. More flexibility could also be introduced to labor laws, and compliance costs could be reduced to make Korea an even more attractive place to invest and do business.   AMCHAM is committed to being a trusted resource to deepen the enduring bilateral partnership between the U.S. and Korea and to make Korea the best business destination for global companies in Asia. President-elect Yoon Suk-yeol's leadership and dedication is vital to building momentum and securing Korea's position as regional headquarters. AMCHAM is aligned with President-elect Yoon Suk-yeol on these initiatives, and we look forward to working closely with him and other foreign chambers to usher in the next phase of growth for Korea.   Source: www.koreatimes.co.kr/www/tech/2022/03/419_325930.html 

2022.03.25

[The Korea Times Roundtable] Foreign business leaders ask Yoon to follow global standards

[Roundtable] Foreign business leaders ask Yoon to follow global standardsPresident-elect urged to lower taxes, abolish discriminatory rules By Park Jae-hyuk, The Korea Times - Leaders of foreign chambers of commerce in Korea hoped President-elect Yoon Suk-yeol will create a business environment that meets global standards, while lowering regulatory hurdles that have restricted the country from attracting larger investments.   During a roundtable meeting hosted jointly by the Korea Chamber of Commerce and Industry (KCCI) and The Korea Times on March 10, the foreign businesspeople anticipated that Korea will be able to become a hub of Asia if the new president reforms the country's tax system and rules that have been considered unfair to foreign companies.   American Chamber of Commerce in Korea (AMCHAM) Chairman James Kim mentioned corporate and individual taxes as "pretty serious" issues for the foreign community, asking the new administration to reduce taxes to create more opportunities. He particularly pointed out the inheritance tax on foreign residents here, which has interrupted AMCHAM's goal of helping Korea become the regional headquarters of U.S. firms in Asia, beating Hong Kong, Singapore and Japan in a competition to be the number one destination for multinational companies. "If you die today, your entire global asset will be taxed under the Korean system," Kim said. "Foreign heads of Asia are not going to want to come here for a long term nor want to die in Korea (because of the problem)." He added that Yoon made a pledge regarding the tax issue when he attended a special meeting with AMCHAM members last December when he was a presidential candidate. "It was a tough race, but now it's time to move forward," Kim said. "AMCHAM is ready to work with him and his administration."   French-Korean Chamber of Commerce and Industry (FKCCI) Chairman David-Pierre Jalicon agreed that Korea deserves better recognition from foreign companies, considering its successful management of the COVID-19 crisis. However, he urged Korea to ease regulations if the country does not want to miss a "historical chance" to become a hub of Asia. "There are too many regulations in Korea, which need interpretation," Jalicon said. Specifically, the FKCCI chairman demanded a regulatory sandbox's openness to foreigners, citing the case of an entrepreneur, who suffered difficulties in applying for the program that allows innovative companies to test their products and services on the market without regulations for a certain period of time. He also stressed the need to distinguish a CEO's personal responsibility from a company's responsibility, criticizing the Serious Accidents Punishment Act. The law imposes criminal liability on the head of a company if a fatal industrial accident occurs at a workplace run by that business.   Korean-German Chamber of Commerce and Industry (KGCCI) President Martin Henkelmann shared the view of other participants that deregulation is a "very important" topic for Yoon. In response to a question about one thing he would suggest in a meeting with the president-elect, Henkelmann mentioned more adoptions of the "Ausbildung," dual vocational training that combines apprenticeships in a company and theoretical education at a vocational school. "I would count on my colleagues to mention the topics of deregulation and trade, so I would focus on advocating and lobbying for vocational education and training and for life-long learning," he said. Henkelmann added that the KGCCI will suggest this topic be one of the speaking points of German Chancellor Olaf Scholz, when he meets the new president of Korea.   British Chamber of Commerce in Korea (BCCK) Executive Director Lucinda Walker said that its members look forward to working closely with Yoon and his new administration, strengthening the bilateral relationship between the U.K. and Korea, under the new free trade agreement (FTA) signed between the two countries after Brexit. "BCCK sees the Korean market as key market for many of our members," she said. "Discussing the areas BCCK would like the new government to focus on, I'd like to mention digital trade and clean energy." Introducing herself as a working woman in Korea and a mother of a Korean citizen, Walker also asked the new government to continue to prioritize the success of all genders in the workplace and all forms of diversity in business. "BCCK believes diversity is what makes business strong and resilient," she said.   KCCI backs foreign chambers KCCI Executive Vice Chairman Woo Tae-hee promised the leaders of foreign chambers that he will fight for them, if they find any laws discriminating against foreign companies. But at the same time, he told them that Yoon has a lot of hurdles to overcome at this moment, because the opposition party is the majority in the National Assembly and the former prosecutor has absolutely no experience in foreign policies. "The landscape of the Korean economy is also not as safe or good as last year," Woo said. "This is a good chance for foreign direct investments (FDI) to play a role." Jung Jong-yung, the Ministry of Trade, Industry and Energy's director general for cross-border investment policy, vowed to deliver what was discussed at the roundtable meeting to Yoon's transition team, if there is a chance. He also emphasized that the government's basic policy is to make a business-friendly economy. "I don't represent the new president, but the direction of the government's policy for FDI will remain favorable to foreign-invested companies," Jung said. "President-elect Yoon made a promise to pursue deregulation and streamline regulatory procedures."   Oh Young-jin, president-publisher of The Korea Times, who moderated the meeting, told the participants that foreigners and foreign businesspeople should continue to be part of Korea, expressing his gratitude for their advice for the president-elect. "I don't think we would have been here, where we are standing now, if we didn't have foreign investors and support from the outside world," he said.   Source: www.koreatimes.co.kr/www/tech/2022/03/419_325365.html?da

2022.03.25

[News Article] 암참 “한미 동반자 관계 더욱 공고히”

암참 “한미 동반자 관계 더욱 공고히” 윤석열 대한민국 제20대 대통령 당선인 축하 성명 차기 행정부와도 긴밀히 협력, 상호 윈윈 고대  이데일리 김현아 기자 - 주한미국상공회의소(암참; 회장 겸 대표이사 제임스 김)가 10일 새벽 제20대 대통령에 당선된 국민의힘 윤석열 당선인에 대해 공식 축하 성명을 발표했다.  제임스 김 암참 회장 겸 대표이사는 “20대 대선을 성공적으로 마친 데 대해 대한민국 국민과 함께 축하의 뜻을 전하며, 암참과 글로벌 재계를 대표하여 윤석열 대통령 당선인의 당선을 진심으로 축하한다”고 밝혔다. 이어 “특별히 작년 12월 암참 회원사들과 가진 특별 간담회를 통해 윤석열 당선인의 향후 정책과 비전, 대한민국 경쟁력 제고 및 한·미 무역활성화를 위한 글로벌 투자환경 조성과 관련한 유의미한 대화를 나눌 수 있었던 것을 매우 감사하게 생각한다”고 언급했다. 그는 “간담회를 통해 당선인이 한미동맹의 가치를 분명히 인식하고 있다는 확신을 가지게 됐다”면서 “암참은 앞으로 차기 행정부와도 긴밀히 협력해 나가며 양국간 경제·통상적 동반자 관계를 더욱 공고히 할 것”이라고 말했다. 한미 양국간 바이오파마, 반도체, 디지털 협력 언급도제임스 김 암참 회장은 “지난 5년간 문재인 정부는 코로나 팬데믹 등 역대급 위기라 할 수 있는 비즈니스 환경 속에서도 국정 운영에 놀라운 리더십을 보여줬다. 이 과정들이 대한민국의 이미지와 브랜드 제고에 큰 도움을 주었다고 믿는다”고면서 “향후 5년간 바이오파마, 반도체, 디지털 기술과 같은 전략 산업에서 엄청난 발전을 이룰 수 있을 것으로 확신한다. 암참은 양국 정부와 기업인을 연결하는 가교로서 앞으로도 핵심적인 역할을 계속해 나갈 것” 이라고 밝혔다. 올해가 한미 FTA 체결 10주년을 맞는 해라는 점도 상기했다. 그는 “10년간의 파트너십을 발판 삼아 암참은 앞으로 한·미 양국이 더욱 깊은 우정과 공고한 협력을 통해 대한민국을 아시아內 글로벌 기업이 가장 선호하는 비즈니스 허브로 만드는 데에 지원을 아끼지 않을 것이며, 한·미 중소기업이 서로의 땅에서 더욱 성공적인 성과를 맛볼 수 있도록 돕는 파트너로서 역할을 다할 것”이라고 밝혔다. 출처: www.edaily.co.kr/news/read?newsId=02112326632262008&mediaCodeNo=257&OutLnkChk=Y

2022.03.11

[News Article] 중기부·구글 스타트업 '창구', 주한미국상공회의소 우수사례 선정

중기부·구글 스타트업 '창구', 주한미국상공회의소 우수사례 선정아시아경제 문채석 기자 - 중소벤처기업부와 구글코리아가 함께 만든 스타트업 프로그램인 '창구'가 주한미국상공회의소(암참)가 선정한 한미 우수협력사례로 뽑혔다.  암참은 28일 오후 서울시 강남구 구글 스타트업 캠퍼스 창구 4기 출범식 및 한미 우수사례 선정 기념 간담회에서 기념패를 줄 예정이라고 밝혔다. 간담회엔 암참, 중기부, 구글코리아, 자라나는 씨앗, 실버레이크 인베스트먼트 등 관계자가 참석한다. 창구는 중기부의 '창'업도약패키지 지원사업과 '구'글플레이의 앞 글자를 각각 따왔다. 구글플레이는 앱·게임 개발 스타트업의 해외 진출을 지원한다. 국내 '스타트업'을 중소·중견기업으로 '스케일업' 시키는 게 창구 프로그램의 목적이다.   제임스 김 암참 회장 겸 대표이사는 개회사를 통해 "창구 프로그램은 2019년 출범 이래 국내 스타트업과 중기부, 구글코리아 간 긴밀한 협력을 통해 한국 모바일 스타트업의 성장과 해외 진출에 크게 이바지해 한·미 기업 협력의 귀감이 됐다"고 평가했다. 그는 "(한국) 중소기업의 거래처, 고객, 공급업체 간 끈끈한 네트워크가 (미국 기업의) 한국 사업 성공의 핵심"이라며 "미국 기업은 (한국의 인프라 제공에) 화답하듯 투자와 혁신, 일자리를 제공해 한국 중기의 번창과 경제 성장에 기여해왔다"고 강조했다.   김경훈 구글코리아 사장은 "'창구'란 이름처럼 한국 스타트업이 더 큰 무대로 진출하는 문을 열고 도약의 발판을 마련하는 진정성 있는 지원 프로그램으로 가꿔나갈 것"이라며 "한국 창업 생태계 발전을 위해 앞으로도 중기부, 창업진흥원등 한국 정부와 지속 협력할 것을 약속한다"고 했다.   출처: https://view.asiae.co.kr/article/2022022810292479277

2022.03.02

[News Article] Moon urges foreign firms in Korea to invest in chips, batteries, vaccines

Moon urges foreign firms in Korea to invest in chips, batteries, vaccines By Park Jae-hyuk, The Korea Times - President Moon Jae-in promised to offer tax incentives and subsidies to foreign companies in Korea that invest in the nation's strategic technologies, such as semiconductors, batteries and vaccines, and manufacture products contributing to carbon neutrality, Cheong Wa Dae said Thursday.   He made the remarks during a meeting with the heads of foreign-invested firms and foreign chambers of commerce in Korea. The event was held to applaud foreign-invested companies for a record $29.5 billion in investments last year and ask them to continue investing in Korea.   "Korea is a stable, sustainable and attractive country to make investments," Moon said.   The guests were representatives from foreign-invested companies involved in the semiconductor, vaccine, rechargeable battery, eco-friendly vehicle, chemical, IT, logistics, retail, tourism and financial sectors. Cheong Wa Dae is said to have reached out to them directly, instead of asking foreign chambers to choose which companies to attend.   The participants asked the government to simplify quarantine procedures upon arrival, although the President told them that Korea has ensured the stable movement of people and goods amid the pandemic, without any lockdown measures.   "Korea faced the least economic impact amid the COVID-19 pandemic and showed a rapid and strong recovery, solidifying its status as a stable investment destination," Moon said.   Minister of Trade, Industry and Energy Moon Sung-wook, who was among the top government officials participating in the meeting, expressed the government's willingness to pursue regulatory reforms for foreign-invested companies.   During the meeting, American Chamber of Commerce in Korea (AMCHAM) Chairman James Kim pointed out "two missions of importance." "One is to help make Korea a regional headquarters in Asia, especially given the geopolitical challenges. We firmly believe Korea is now well positioned to emerge as a regional business hub in the post-COVID era," the AMCHAM chairman said. "Our second mission is to help promote more small- and medium-sized enterprises from Korea and the U.S. do more business in our respective countries."   European Chamber of Commerce in Korea (ECCK) Chairman Dirk Lukat said that the organization hopes for the government's continued and constructive dialogue with the foreign business community for a prosperous Korean economy. "On behalf of ECCK members, we thank President Moon and the Korean government for their invitation to today's dialogue with foreign-invested companies," the ECCK chairman said.   This was the second time for the President to have a dialogue with foreign-invested companies during his term. The previous meeting was held in March 2019.   Source: www.koreatimes.co.kr/www/tech/2022/02/419_324090.html?da 

2022.02.18

[News Article] 주한미국상의 회장, 김동연 만나 “R&D 투자 유치, 한국정부 지원이 절대적”

주한미국상의 회장, 김동연 만나 “R&D 투자 유치, 한국정부 지원이 절대적” 이투데이 김벼리 기자 - 제임스 김 주한미국상공회의소(암참) 회장이 김동연 '새로운물결' 대선 후보를 만나 외국인 투자 증진을 위한 정부의 역할을 강조했다.   김 회장은 11일 여의도 국제금융센터 IFC 포럼에서 열린 이번 특별 간담회에서 환영사를 통해, “외국인 직접투자 증진과 대한민국을 많은 기업의 아시아 지역본부로 만들기 위한 정책 수립에 있어 김 후보께서 중요한 역할을 해 주실 것을 기대한다”며 “핵심 전략사업에서 혁신이 가능하도록 규제 개혁을 단행하겠다는 김 후보님의 포부와 비전을 잘 알고 있다. 연구개발(R&D)에 대한 투자 유치를 위해서는 한국 정부의 적극적인 지원이 절대적이며, 바로 지금이 이러한 논의를 할 적기”라고 말했다.   이어 “암참은 비정치적이고 초당적인 조직으로, 오늘의 대화를 통해 대한민국 전역에 걸친 경제 성장을 더욱 가속할 수 있는 방안에 대한 논의를 나눌 수 있어 영광”이라고 덧붙였다.   김동연 후보는 모두발언에서 주한미국기업에 대한 지원의 핵심은 ‘노동유연성 확보’라고 강조하며 “진보는 노동자 측에 노동유연성을 양보하고자 설득해야 하고, 보수는 경영자 측에 노동안정성을 높이자고 해 빅딜이 이뤄져야 한다”고 말했다. 서로의 금기를 깨는 사회적 대타협을 통해 반드시 한국경제에 노동안정성을 확보하겠다”고 약속했다.   그러면서 “대한민국의 성장에 주한미국기업들이 동참하고, 그 성과도 함께 나눌 수 있기를 희망한다”고 덧붙였다.   김 후보는 “암참과 주한미국기업 관계자 여러분께 한국시장에 대한 직접 투자, 특히 R&D 분야에 대한 투자를 확대해 달라고 당부한다”며 “정부는 노동유연성 확보를 포함해 다양한 지원을 아끼지 않을 것이며, 우리가 만들어 갈 ‘기회의 나라’ 대한민국인 주한미국기업에도 투자하고, 사업하고 성장할 기회가 넘치는 나라가 되도록 할 것”이라고 밝혔다.   이날 간담회에는 암참 이사진을 포함한 10여 명의 미국 기업 대표단이 참석했다. 참여 기업은 베이커 휴즈, GE 코리아, HP 프린팅 코리아, IBM 코리아, 마이크로소프트, 한국MSD, 법무법인 세종 등이다.   출처: www.etoday.co.kr/news/view/2104744 

2022.02.11

[News Article] 제임스 김 암참 회장 "외국인 투자 진흥 위한 安 역할 기대"

제임스 김 암참 회장 "외국인 투자 진흥 위한 安 역할 기대" 안철수, 한미 과학기술 동맹 강조  서울경제 박효정 기자 - 제임스 김 주한미국상공회의소(암참) 회장이 안철수 국민의당 대선 후보와 만나 “외국인 직접투자 진흥을 위해 중요한 역할을 해주실 것을 기대한다”고 말했다.   안 후보는 암참이 9일 포시즌스서울 호텔에서 개최한 특별 간담회에 참석해 차기 대선 후보로서의 비전, 미래 성장 전략과 대한민국의 경쟁력 제고를 위한 글로벌 투자 환경 조성 방안, 경제 활성화 방안 등을 밝혔다.   김 회장은 이날 환영사에서 “외국인 직접투자 증진과 대한민국을 많은 기업들의 아시아 지역본부로 만들기 위한 정책 수립에 있어 안 후보께서 중요한 역할을 해주실 것”이라고 기대감을 표했다. 특히 김 회장은 “디지털 전환 촉진, 5세대(5G) 이동통신, 바이오파마 등 핵심 전략 산업에 대한 안 후보의 비전을 잘 알고 있다”면서 “이러한 연구개발(R&D) 투자를 위해서는 한국 정부의 지원이 절대적이고 지금이 이런 논의를 할 적기”라고 했다.   안 후보는 한·미 양국의 과학기술 동맹을 강조했다. 그는 “국가와 인류 차원의 난제를 해결하기 위해서는 과학 기술 리더십이 필요하다”며 “한미 동맹이 과학기술 교류와 협력을 통해 경제적 양극화에 따른 불평등 심화, 탄소중립, 감염병 문제를 해결해 나가야 한다”고 주장했다. 안 후보는 이어 “인프라, 제품, 부품, 서비스 등 모든 분야에 걸쳐 한·미 양국이 협력해야 국민의 생명과 재산, 기업의 자유로운 경제활동과 산업을 지킬 수 있다”면서 “경제적 번영과 세계 평화를 위한 영원한 동맹인 한미동맹은 ‘초격차’ 과학기술 동맹으로 발전해야 한다”고 말했다. 안 후보는 김 회장과의 대담에서 △네거티브 규제를 통한 신사업·신제품·새로운 비즈니스 모델 촉진 △글로벌 스탠더드에 부합하는 기업환경 조성 △노동 유연안정성 및 탄력적 근무제도 확대 △주요 도시 간 미국 기업 유치 경쟁 독려 △외투 기업을 위한 맞춤형 R&D 및 고급인력 지원 △새로운 글로벌 경제협력과 공급망 재편 과정에서의 미국과 공동 대응 강화 등의 구상을 밝혔다. 안 후보는 “대한민국을 미국 글로벌 기업에 있어 가장 투자하기 좋은 나라로 만들어 나갈 것”이라고 약속했다.  이날 간담회에는 한국쓰리엠, GE코리아, 김앤장 법률사무소, 모건스탠리, 한국MSD, 노스럽그루먼, 퍼솔켈리, 한국화이자제약, 한국필립모리스, 인스파이어 리조트, 삼일회계법인, 써브웨이 등 기업에서 40여명이 참석했다.  출처: www.sedaily.com/NewsView/2622P5ZNLR​

2022.02.11

[Contribution] AMCHAM leader sees tennis as start of K-sports wave

AMCHAM leader sees tennis as start of K-sports wave  By James Kim, The Korea Times - Two things become apparent for anyone who spends time around me; I am passionate about American Chamber of Commerce in Korea (AMCHAM), and I love tennis. For AMCHAM, it is pretty simple: I want to see all of our member companies succeed in Korea and the United States. The unprecedented growth we saw in 2021 is a testament to the value of the AMCHAM staff, Board of Governors, and Committee Co-Chairs. They have contributed considerably to the AMCHAM ecosystem and the U.S.-Korean business community at large.   But there is more to me than AMCHAM. Tennis has also contributed to my personal and professional growth. At age 10, I picked up my first racket and have yet to put it down. I still play two to three hours every Saturday and Sunday with players 15 to 40 years younger than I am -- many of whom were or are currently professional players. I enjoy the challenge of "winning and competing." The competitive drive that I get from tennis extends beyond the game to become a key motivator in business.   In some ways, the court has become my boardroom. I have played with former U.S. Ambassadors Christopher Hill, Kathleen Stephens, Sung Kim, and current U.S. Ambassador to Indonesia. I have also played with former South Korean President Lee Myung-bak, current Mayors of Seoul and Busan (Oh Se-hoon and Park Hyeong-joon), and many other Korean government officials. Tennis has allowed me to establish many close relationships on and off the court. These connections and friendships are priceless.   At AMCHAM, one of our stated goals is to make Korea the Regional Headquarters for Asia. The Korean Wave, comprised of K-POP (BTS), K-DRAMA (Squid Games), K-MOVIES (Minari), and K-CUISINE (BIBIGO), has already boosted the Korean brand and image. Korea is now a leading influential player in the world. But we have more to do. K-SPORTS is the next Korean Wave, and I would love to see tennis pave the way for another K-success.   As an example, Korean tennis professional Kwon Soon-woo has a lot of potential globally. He is currently ranked 53rd in the world and 2nd in Asia. He just captured his first ATP Championship at the Astana Open last September. This is the first time a Korean player has won an ATP tournament since 2004, when my good friend Lee Hyung-taik won the Sydney International tournament. The length of time between the two championships demonstrates the difficulty in succeeding professionally in tennis; nearly twenty years have elapsed since Lee Hyung-taik's victory.   Kwon Soon-woo is currently playing in the Australian Open, one of the four Grand Slams (along with the French Open, Wimbledon, and the U.S. Open). He won his first-round but lost in a long, difficult match with the 14th ranked player in the world, Denis Shapovalov from Canada. The match lasted nearly four hours and 30 minutes, a true test of both players' physical and mental stamina. Although Kwon Soon-woo lost the match, he proved he could compete with anyone on the tour. I truly believe that he can compete with the likes of Novak Djokovic and Daniil Medvedev, the world's 1st and 2nd players. There is a good chance he could beat Roger Federer today.   For a Korean player to compete at this level is a testament to the culture of hard work, sacrifice, and focus. Tennis is not a team sport, and there are no salaries. Although sponsorships may be available, you can only make a living if you win. Simply put, each player has to finance their career through prize earnings, paying for a coach, a trainer and other support personnel, along with the costs involved with travel and logistics. It takes a good deal of tenacity and drive to become a Top 100 player in the world, let alone stay there, especially when an injury may force early retirement.   Because of my passion for this game, I would love to see more leading Korean players at the top of their games globally. Similar to the Korean golfers (male and female) who are already in the top echelon, I remain bullish about the prospects of Korean players winning globally in tennis. However, players such as Kwon Soon-woo needs sponsors and other supporters who can help make their dream of achieving global success a reality. I hope that through tennis, Kwon Soon-woo can enhance a new K-category of Sports to the Korea Wave.   James Kim is chairman and CEO of AMCHAM Korea.    Source: www.koreatimes.co.kr/www/tech/2022/01/129_323017.html

2022.02.04