AMCHAM chief says S. Korea-U.S. summit fact sheet 'milestone' for bilateral ties

SEOUL, Nov. 21 (Yonhap) -- South Korean and U.S. companies need to build on the bilateral joint fact sheet released last week that will serve as a "milestone" for deeper partnership amid rapidly shifting trade dynamics, the head of the American Chamber of Commerce in Korea (AMCHAM) has said.

"The joint fact sheet released last week following the Trump-Lee summit represents another milestone in our deepening economic ties," James Kim, chairman of AMCHAM, was quoted as saying by the business lobby during a seminar held in Seoul on Thursday.

Last week, the two countries released a document outlining the agreements reached in a summit between President Lee Jae Myung and U.S. President Donald Trump in October, offering details on Seoul's US$350 billion investment pledge in return for lowering Washington's tariffs on South Korean goods.

"We will continue to stand by Korean companies as they navigate U.S. policies and position themselves for sustained growth," he added.

Park Dong-min, executive vice president of the Korea Chamber of Commerce and Industry, which co-hosted the seminar, said the fact sheet is expected to help South Korean businesses pursue further opportunities in the U.S. market.

"Last week's Korea-U.S. joint fact sheet sends a clear message of both countries' intent to strengthen cooperation in strategic sectors, such as shipbuilding, semiconductors, space and AI," Park said in the release.

The business seminar was held amid growing uncertainties for South Korean companies operating in the United States after an immigration raid in which over 300 Korean workers were arrested and detained in Georgia in early September.

The incident led the two countries to form a bilateral visa working group to address challenges faced by South Korean businesses entering the U.S.

"For Korean companies seeking successful U.S. market entry and smooth personnel deployment, choosing the right visa category is absolutely essential," Jung Man-suk, an attorney at Daeyang Immigration Law Group, said in the release.

"The scope of permissible activities and even the likelihood of approval vary substantially depend on the visa type. A thorough understanding of these distinctions is crucial," he added.

colin@yna.co.kr
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