▲ Deputy Prime Minister and Minister of Economy and Finance Koo Yun-cheol (left) and AMCHAM Chairman and CEO James Kim (right) participate in a discussion at a luncheon held at the Grand Hyatt Seoul in Yongsan-gu, Seoul, on the 19th.
The American Chamber of Commerce in Korea (AMCHAM) announced on the 19th that it hosted a special luncheon meeting featuring Deputy Prime Minister and Minister of Economy and Finance Koo Yun-cheol at the Grand Hyatt Seoul hotel in Yongsan-gu, Seoul.
This event was arranged as a follow-up policy dialogue to the special report titled "Korea Financial Hub Strategy," which AMCHAM delivered to the South Korean government last April. The main agenda items included the implementation of South Korea-U.S. strategic investments, artificial intelligence (AI) cooperation measures, and the role of U.S. companies in supporting the enhancement of South Korea's economic competitiveness.
James Kim, Chairman and CEO of AMCHAM, stated, "The growth of Samsung Electronics and SK hynix clearly demonstrates the transformation achieved by the South Korean economy, and now is the prime time for South Korea to leap forward as a global financial and business hub leading investment and innovation."
He added, "Through AMCHAM's recently concluded 'Washington Doorknock,' we confirmed a consistent message that the next phase of South Korea-U.S. economic cooperation must be built upon practical investments in strategic industries, close technological cooperation, and regulatory harmonization, particularly in the digital economy sector."
In his opening remarks, Deputy Prime Minister Koo shared the South Korean economy's "3-4-5 Vision"—which aims to achieve a 3% potential growth rate, rank among the top 4 export nations globally, and reach $50,000 in per capita national income—along with updates on the progress of capital and foreign exchange market institutional reforms.
He emphasized that the government is overhauling regulations to align with global standards by utilizing the capital market as a core platform for growth, explaining the amendment of the Commercial Act and the phased inclusion in the World Government Bond Index.
In particular, following the "Roadmap for the Internationalization of the Korean Won" and the transition of the foreign exchange market to a 24-hour operation system announced last July, he stated plans to officially launch an offshore won-clearing system next January and significantly ease foreign exchange regulations.
Reflecting suggestions made in AMCHAM's special report on the "Korea Financial Hub Strategy," he also added that the reporting criteria for foreign bank branches' foreign currency borrowing and the limit for cash pooling will be raised from the existing $50 million to at least $100 million or more. In the ensuing discussion between Chairman Kim and Deputy Prime Minister Koo, ways to implement the $350 billion scale of strategic investments between South Korea and the United States were discussed as a key agenda item.
Deputy Prime Minister Koo noted that with the official launch of the Korea-U.S. Strategic Investment Corporation (KUIC) last June, an institutional foundation for investment implementation has been established, emphasizing that it is important for the private sectors of both countries to jointly discover projects featuring business feasibility and mutual reciprocity.
(Photo: Provided by AMCHAM, Yonhap News)
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