By Diplomacy Journal Lee Kap-soo

Gyeonggi-do Governor Kim Dong-yeon met with foreign businessmen in South Korea on Jan. 8, asking them to “trust Gyeonggi-do and Korea and do more business with us.”

“There is uncertainty about the economic situation due to the political turmoil, but the Korean economy will be upgraded to the next level in the near future based on its resilience and potential,” Kim said during a visit to the American Chamber of Commerce in Korea (AMCHAM), where he met with AMCHAM President James Kim.

The meeting was attended by U.S. business members from the semiconductor, biotechnology, and eco-friendly automotive sectors. Kim and the business leaders exchanged views on South Korea's economic recovery, ways to cooperate with the United States, and how the U.S.-South Korea relationship will develop during the second term of the Trump administration.

Kim shared his experiences from his previous role as deputy economy minister. “In 2017, when Korea's economic situation was very difficult, I visited Standard & Poor's (S&P) and Moody's in New York and Fitch in London. I told them, 'Please believe in the potential and resilience of the Korean economy. I believe that the current situation will be an opportunity to build a strong Korean economy.”

“I think it's important for many political leaders in Korea, including myself, to recognize the importance of the economy and foreign relations, and to do what they can under their respective capacities to help ensure that business is not disrupted. I will take the lead,” he added.

Governor Kim said, “Where is the ruling and opposition parties in thinking about the country's economy?,” to which Chairman Kim responded, “There may be uncertainty due to the political environment, but I am cautiously optimistic.” “I have known Gov. Kim for more than 10 years, so I have confidence in his personal leadership,” he added.

Founded in 1953, AMCHAM has approximately 800 U.S. and Korean member companies.

Kim then met with European Chamber of Commerce in Korea (ECCK) President Philippe Van Hoof to discuss economic cooperation. “We have seen that the Korean democratic system is functioning well even after martial law,” Chairman Hoof said, ”and European companies operating in Korea still have strong faith in the Korean government.”

The ECCK is an association of European and Korean companies with around 400 members and has 18 industry committees, including automotive, cosmetics and energy.