2024.10.30
AMCHAM, KITA host seminar on doing business in US
By
Hwang Joo-young, The Korea Herald - The American Chamber of Commerce in Korea
hosted a seminar on Tuesday in Seoul, partnering with the Korea International
Trade Association to explore key business opportunities and challenges
associated with expanding into the US market.
Now
in its sixth year, the annual seminar focused on providing essential insights
and practical strategies for Korean companies aiming to establish or expand
their presence in the US, with particular emphasis on US market trends and key
implications of the 2024 US presidential election.
“During
our recent visit to Washington, D.C., we witnessed the trust that defines the
US-Korea relationship. There’s growing interest from Korean companies in
investing in the US market, and the US views these Korean companies as valued
‘customers,’” said AmCham Chairman and CEO James Kim in his opening remarks.
“I
truly believe that these ‘customers’ will always be treated well. Our strong
partnership between the US and Korea will remain rock solid, built on trust and
collaboration,” he added.
Kim
Gi-hyun, vice president of KITA’s international cooperation group, echoed this
sentiment, noting that the trade volume between Korea and the US surpassed $100
billion in the first half of this year for the first time.
“With
this positive momentum, it’s essential for our businesses to be prepared, as
the US business landscape -- including trade policies, high-tech restrictions
and tax incentives -- is likely to undergo significant changes following the US
presidential election,” he said.
In
his keynote speech, Yoon In-goo, head of the global economy department at the
Korea Center for International Finance, provided an analysis of the US economic
outlook.
“There’s
a possibility that the US base interest rate could be reduced by 25 basis
points in both November and December, with a further 100 basis point decrease
anticipated next year -- a trend that would likely benefit corporate activity
in the US,” he said. However, he cautioned that ongoing risks -- including a
potential economic downturn, persistent core inflation and worsening federal
finances -- require close monitoring of postelection policy impacts on both the
US and global economies.
The
seminar continued with a panel discussion on how the upcoming US presidential
election might impact business operations. Additionally, industry experts
shared practical insights on entering the US market, covering topics such as
visas, supply chain resilience, site selection and construction.
Source: https://news.koreaherald.com/view.php?ud=20241029050651&md=20241030003012_BL