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S. Korea still attractive for foreign investors: U.S. business leader
By Lee Youkyung
SEOUL, June 8 (Yonhap) -- Despite restive labor and other pestering problems that require improvements, South Korea is still one of the best places in Asia to do business, a U.S. business leader said Monday.
Tami Overby, the outgoing president and chairman of the American Chamber of Commerce in Seoul, also praised what she called the "calm" South Korean response to North Korea's continued saber-rattling following its recent nuclear test.
"Most American companies are very happy here ... This is a good market," Overby said at a farewell news conference. "We find your rules, the regulatory environment here is either global standard or moving toward global standard."
Overby, who will end more than two decades of living in South Korea later this month, is set to assume the vice presidency in charge of Asia at the U.S. Chamber of Commerce in Washington, a position that will continue to associate her with South Korea.
Overby said she has witnessed major events during her 14-year service for the Chamber of Commerce in Seoul that have reshaped economic ties between the two countries, including the signing of a bilateral free trade agreement, the launching of a U.S. visa waiver program for South Koreans and South Korea's Foreign Military Sales status to NATO plus 4 status.
Overby said, however, that South Korea should do more to create a better environment for foreigners to do business on its soil, including better labor-management relations.
Displaying the front page of a past issue of a foreign newspaper carrying photos of South Koreans protesting U.S. beef imports, Overby said such bad media exposure hurts South Korea's business competitiveness.
"In Korea, people understand sometimes that is theatrical (and) emotional when the union says 'crash the management' or 'kill the company.' But to foreigners who don't understand that type of emotional rhetoric, it's frightening. And in business, it makes them very nervous."
Newspaper photos of "angry pipe-wielding mobs" or "headband-wearing, yelling strikers" in the streets can easily damage South Korea's image, dealing a blow to the economy, she said.
"So images like this playing in the international news have really damaged Korea's credibility," she added.
Despite ramped-up military tension on the Korean Peninsula following North Korea's May 25 nuclear test, foreign investors in South Korea generally feel comfortable, believing the impact is limited.
North Korea "hasn't played a significant factor in the investment environment," she said, adding that she will tell Americans who ask her about the mood in Korea that "it's very upbeat."
Overby said one of her primary missions in Washington is to convince Congress to ratify the pending South Korea-U.S. free trade agreement as early as possible.
"My number one challenge will be helping Congress understand the urgency they need to be facing with the ratification of KORUS FTA," she said.
The South Korea-U.S. FTA, signed almost two years ago, has yet to be ratified by the two countries' legislatures. The Obama administration is reportedly seeking extra measures to address the imbalance in auto trade and expand U.S. beef exports.
ylee@yna.co.kr
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