U.S. Chamber Welcomes South Korean President Park Geun-Hye
Emphasizes Strength of Korean Economy, Urges Continued Investment
WASHINGTON, D.C.—The U.S. Chamber of Commerce’s U.S.-Korea Business Council (USKBC) hosted a luncheon in honor of South Korea’s President Park Geun-Hye today. Myron Brilliant, the Chamber’s executive vice president and head of International Affairs, and Paul Jacobs, chairman of the Board of Directors and CEO of Qualcomm and chairman of the USKBC, welcomed Park and reaffirmed the U.S. business community’s commitment to continued investment in the South Korean economy.
“The resilience of the South Korean economy makes it a vital trade and investment partner for American businesses,” Brilliant said. “For decades, the South Korean miracle has grown and prospered, and it will continue to do so for decades to come. Now, one year after the implementation of the KORUS, the Chamber’s partnership with our business counterparts in South Korea is stronger than ever, and we are confident that relationship will only strengthen.”
Korea, the 15th largest economy in the world, is America’s 7th largest trading partner and 8th largest export market, according to the U.S. International Trade Commission. U.S. small and medium-size businesses made up 89% of U.S. businesses exporting to Korea in 2007 and accounted for $18 billion in U.S. exports to Korea. Additionally, trade and investment between the U.S. and Korea support tens of thousands of American jobs across the agricultural, manufacturing, and services sectors.
“American companies have achieved great success in Korea because it is a smart destination for businesses looking to enter the fast-growing Asian markets,” said Tami Overby, president of the USKBC. “As new opportunities for U.S. businesses arise daily in South Korea, the USKBC will continue to assist the American business community in seizing them.”
The U.S.-Korea Business Council is the premier business advocacy organization representing America’s top companies investing in Korea. The Council is made up of senior executives of U.S. companies from every business sector that are major investors in Korea and are firmly committed to the Korean market.
The U.S. Chamber of Commerce is the world’s largest business federation representing the interests of more than 3 million businesses of all sizes, sectors, and regions, as well as state and local chambers and industry associations. Its International Affairs division includes more than 50 regional and policy experts and 12 country-specific business councils and initiatives. The U.S. Chamber also works closely with 116 American Chambers of Commerce abroad.