Representatives from the Korean and US governments and industries joined to provide their insights on key factors that Korean companies should consider when investing in the US, at the Doing Business in Korea Seminar 2020, its second iteration, held in Seoul on Tuesday.

The seminar was jointly hosted by the American Chamber of Commerce in Korea and the Korea International Trade Association. It also covered the impact of the US presidential election on investment opportunities abroad.

In his opening remarks, AmCham Chairman & CEO James Kim highlighted the importance of successful two-way trade to the US-Korea economic partnership.

“AmCham’s goal is to make the process of investing in the US as smooth as possible for Korean companies,” he said. “We know that when they succeed, our economic partnership grows stronger, and both of our countries are winners.”

Robert Rapson, deputy chief of mission from the US Embassy Seoul, said, “Korean investment in the US continues to surge, making the US Korea’s largest investment destination by far and is an indicator of where Korean firms see the best opportunities for strong and sustainable growth.”

The first session covered the topic of “business opportunities in the US.”

Douglas M. Bell, global policy leader of Ernst & Young and former deputy assistant secretary of the US Department of the Treasury, discussed the effects of the US presidential election on key industry policies and Korean businesses as well as investment opportunities in the US. He predicted the incoming Biden administration to maintain staunch position in relations with China, but introduce some changes in tariff policies regarding the allies.

Gregory Briscoe, minister counselor for commercial affairs from the US Embassy Seoul, said, “The United States and Republic of Korea have deep ties and our commercial bonds, trades and investments represent an increasingly important component of the overall bilateral relationship.”

“We want to facilitate even stronger commercial ties, and it goes without saying that when Korean firms expand globally, it is essential that they have their presence in the US market. We are here to help them see that happen.”

By Shin Ji-hye (shinjh@heraldcorp.com)