AmCham hosts special luncheon with prime minister

'Tell me directly which regulations matter most'

'US investment is also Korea's investment — profitability matters'

The American Chamber of Commerce in Korea hosts a special luncheon with Prime Minister Han Seong-sook at the Seoul Shilla Hotel on Friday. [AmCham Korea]
The American Chamber of Commerce in Korea hosts a special luncheon with Prime Minister Han Seong-sook at the Seoul Shilla Hotel on Friday. [AmCham Korea]

Prime Minister Han Seong-sook met with American Chamber of Commerce in Korea President James Kim on Friday, pledging an active push on deregulation and saying she has been asking business associations to identify their single most important regulatory barrier. On investment in the United States, she said the guiding principle must be "the genuine benefit of both countries, not just one side."

AmCham Korea hosted the special luncheon at the Seoul Shilla Hotel on Friday. The event was organized to share the government's vision for raising Korea's appeal as a global investment destination — through expanding foreign investment and improving the business environment — and to discuss ways to strengthen Korea-US cooperation. About 200 people attended, including government officials, heads of foreign-invested companies, and AmCham board members and member-company representatives.

In her opening remarks, Han emphasized policy predictability. "More important than short-term support is trust and predictability," she said. "The government is focused on aligning regulations and systems with global standards and listening more closely to the business community. We will provide the support companies need to invest more boldly and innovate more freely in Korea."

In a conversation with AmCham President James Kim that followed, Han signaled a strong commitment to clearing regulatory hurdles felt by both domestic and foreign companies.

"I have recently asked regulatory committees and business associations in Korea not to speak of deregulation in the abstract, but to identify which specific regulations they consider most important to remove," Han said.

She added that she would push the relevant agencies to set timelines for action. "I will make sure that those responsible for lifting regulations also provide a schedule for when that is possible, and that we reach a stage where we can explain what has been resolved and what remains realistically difficult," she said.

The government is also accelerating the use of AI to overhaul regulations. "When we used AI to analyze the full body of growth-related regulations, we found cases where companies were receiving contradictory requirements for what is essentially the same matter," Han said. "We are going out to the field, seeing the situation firsthand, and removing those barriers."

On regulations for new industries, she said the default should be permissive. "The direction should be that anything not explicitly prohibited is allowed," she said, adding that two wheels must turn together: proactive conduct by public officials and the rationalization of regulations.

Han also invited foreign companies to bring their regulatory concerns directly to her. "If you have opinions on regulations you need addressed, you are welcome to contact me directly," she said. "I handed out a great many business cards today. I am a little worried I may receive too many messages, but I will actively take them in and listen."

On investment in the United States, Han stressed that the real interests of both countries must be served, not just one side. AmCham President James Kim noted that senior contacts he met in Washington, D.C. several months ago had repeatedly said they had yet to see concrete results from Korea's pledged $350 billion in strategic investment.

Han said she had been briefed that discussions on how to ensure profitability were progressing well. "This must go beyond benefiting only one side — it needs to be genuinely good for both countries while maintaining business rationality," she said. "Since this is also an investment on our part, discussions on how to secure returns are moving along well, I am told." She added that a strong model from the first project would set the stage for a much broader relationship going forward.

Han drew a line against concerns about discrimination toward American companies. When James Kim relayed that contacts in Washington had raised the perception — particularly in the digital sector — that US companies could face discriminatory treatment, Han said, "We do not discriminate against companies based on their nationality."

She cited two examples: the Korea Fair Trade Commission investigation and fine against Naver, which was filed by US-based eBay Korea while she was at the company, and the recent sanctions imposed on SK Telecom over a personal data breach.

Han outlined three policy directions for expanding foreign investment: broadening investment opportunities, offering differentiated incentives, and improving settlement conditions. "When I meet with foreign government officials, I often hear requests for opportunities to invest in Korea's mega projects," she said, adding that such opportunities need to be expanded further.

She went on to stress the need for differentiated incentives — including tax benefits — and better support systems for foreign residents. "Creating an environment where people coming from abroad can invest easily and live comfortably, and designing the related incentive systems — I believe these are the three directions within which we can explore options," she said.

Han and James Kim both said the center of gravity in Korea-US economic cooperation is shifting from traditional trade and investment expansion toward strategic industries such as AI, advanced technology and supply chains, and pledged to continue working closely together.


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