James Kim, chairman and CEO of the American Chamber of Commerce in Korea, speaks during an interview with The Korea Times at his office in Seoul, Feb. 10. Korea Times photo by Shim Hyun-chul

This is the second of two articles based on an interview with James Kim, chairman and CEO of the American Chamber of Commerce in Korea.

American Chamber of Commerce in Korea (AMCHAM) Chairman James Kim supported the idea of the Korean government establishing a businessperson-led ministry, similar to the now-dissolved Department of Government Efficiency (DOGE) in the United States.

Calling the concept one way to advance the chamber’s continuing efforts to encourage multinational companies to place their Asia-Pacific headquarters in Korea, the Korean American head of the U.S. business lobby emphasized the need for regulatory predictability and labor flexibility if Korea is to compete effectively with Singapore, Hong Kong and Shanghai.

"It's very feasible, and it's important for Korea," Kim told The Korea Times in an interview on Feb. 10 when asked whether he intended to suggest that the government elevate the existing joint committee on regulatory reforms to a ministry or quasi-ministry similar to DOGE.

Despite the common belief that Korea’s liberal party tends to tighten regulations when it comes to power, the chairman remained optimistic about potential deregulatory measures under President Lee Jae Myung, whom he described as someone who has consistently shown strong enthusiasm for AMCHAM’s initiatives.

"At the recent presidential roundtable with foreign business leaders in Korea, I emphasized the importance of regulatory reform as a critical foundation for positioning Korea as the premier investment hub in the region," Kim said. "Following our discussion, Lee promised to create the Regulatory Rationalization Committee at the presidential office, showing his resolve to make this a priority during his term."

He added that AMCHAM stands ready to work closely with Lee and his administration, including the newly formed committee, to further strengthen Korea’s attractiveness as a regional hub in Asia.

With the benchmark KOSPI surpassing the 5,000 mark this year, the business association also plans to release its first financial services report to promote Korea as a promising market for a regional financial hub and to support the nation’s elevation to MSCI Developed Market status, from its current Emerging Market classification.

"It is important that we leverage this momentum wisely to further strengthen Korea’s standing as an attractive and reliable capital market for global investors," Kim said.

Source: Korea Times News