Deputy Prime Minister Koo Yoon-chul Holds Roundtable with AMCHAM: "AMCHAM Members Are Integral to the Korean Economy, Not Foreign Companies"

Introduction of '3-4-5 Vision' and AI Transformation Policies
Regulatory Improvements Including Higher Borrowing Thresholds for Foreign Bank Branches

Koo Yoon-chul, Deputy Prime Minister for Economy and Minister of Finance and Economy, met with the American Chamber of Commerce in Korea (AMCHAM) to share South Korea’s mid- to long-term policy vision and discuss ways to strengthen strategic investment and cooperation in the field of artificial intelligence (AI) between South Korea and the United States.

Koo Yoon-chul, Deputy Prime Minister for Economic Affairs and Minister of Finance and Economy, Ministry of Finance and Economy.

On the 19th, Deputy Prime Minister Koo attended an AMCHAM roundtable at the Grand Hyatt Seoul, where he shared South Korea’s economic and financial policy outlook with about 150 participants, including officials from the U.S. government and executives from domestic and international companies, while also listening to the opinions of member companies. The discussion was arranged as a follow-up dialogue to AMCHAM’s 'Korea Financial Hub Initiative Strategy' report, which was submitted to the government in April.

On this day, Deputy Prime Minister Koo provided an extensive overview of the current status and future direction of the South Korean economy, progress in capital and foreign exchange market reforms, and the trajectory of the AI transformation. He noted, “This year, the real growth rate is projected to reach 3%, the highest in five years, and the possibility of achieving a per capita national income of 40,000 dollars has grown.” He also introduced the '3·4·5 Vision,' aiming for a potential growth rate of 3%, becoming the world’s fourth-largest exporter, and reaching a national income of 50,000 dollars, alongside three major megaprojects: semiconductors, AI data centers, and physical AI.

He then outlined measures taken to align regulations with global standards, including amendments to the Commercial Act expanding directors’ fiduciary duties to shareholders, the stepwise inclusion of Korean government bonds in the World Government Bond Index (WGBI), the transition to 24-hour foreign exchange market operations, and the planned launch of the offshore won settlement system in January next year. In particular, he announced that, reflecting AMCHAM’s suggestion from April, the minimum thresholds for reporting foreign currency borrowing and integrated fund management for foreign bank branches in Korea would be raised from 50 million dollars to at least 100 million dollars.

Deputy Prime Minister Koo also stressed that South Korea is emerging as a key hub in the global AI supply chain and asked AMCHAM to play an active bridging role for the implementation of 350 billion dollars in strategic investments between South Korea and the U.S., as well as for facilitating mutually beneficial private-sector projects.

Koo emphasized, “The government recognizes AMCHAM member companies as an integral part of the South Korean economy, not as ‘foreign companies,’” adding, “We ask you to be a platform that conveys policy recommendations founded on on-the-ground experience, promotes continued and expanded investment in South Korea, and communicates the country’s transformation to global investors.”

This content was produced with the assistance of AI translation services.