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AMCHAM describes Korea as best investment destination in Asia
June 17, 2005
The American Chamber of Commerce in Korea (AMCHAM) held a publicity drive for Korea in New York on May 12, describing it as the best country for investment in Asia.
The AMCHAM underscored the safety of and promising future of investments in Korea during a forum on the prospect of the Korean economy at Korea Society in Manhattan in the presence of its current and former leadership.
Wayne Chumley, the AMCHAM chairman, said the Korean government was very positive in efforts to conclude an FTA with the United States and that his chamber was also urging U.S. government officials to come forward for the conclusion of an FTA with Korea.
He said that Korea should exercise due leadership in Asia so that it can achieve its international status commensurate with its economic power ranked at 10th in the world, adding that Korea's national image and brand power could be enhanced through the APEC summit meeting Korea hosts this year.
AMCHAM president Tami Overby noted with satisfaction that Korean vice premier for economic affairs Han Duck-soo's recent message that the Korean government would not discriminate against foreign capital, saying Korea was one of the best countries to invest in. Han made the remark during an investor relation session in London.
Overby indicated that an overblown negative description by some media organizations of the business environment in Korea had raised criticism of discrimination against foreign capital.
Making a point of investing in Korea, she said her host country can serve as a staging base for American companies wanting to expand operations to China, advising them, in the interest of lesser risk, to test their products in Korea before shipping them there.
Meanwhile, former AMCHAM chairman Jeffrey Jones, asked if the Korean labor market couldn't be further flexible, spoke highly of it as the market has already become very flexible.