AmCham, MOFA director discuss public-private ties for APEC summit
The American Chamber of Commerce in Korea announced Wednesday that it hosted a policy gathering with Kim Ji-hee, Director-General for International Economic Affairs at the Ministry of Foreign Affairs, to explore avenues for public-private cooperation ahead of the 2025 Asia-Pacific Economic Cooperation Summit in Korea, scheduled for October.
The event was part of the institution's policy talks series, aimed at providing a valuable platform for senior policymakers and industry leaders to engage in dialogue on pressing issues affecting the US-Korea economic alliance.
'The government's ongoing efforts to engage the business community are crucial,' Kim said, 'to ensure Korea's APEC agenda delivers tangible results across the region.'
She emphasized Korea's commitment to inclusive public-private collaboration through APEC's unique mechanisms, such as the APEC Business Advisory Council, while detailing a range of initiatives spanning digital transformation, artificial intelligence, biotechnology, health care and SME development.
US business leaders in sectors including IT, biotechnology and energy voiced strong support for Korea's APEC initiatives, particularly those focused on artificial intelligence and demographic change.
While outlining the Korean government's strategic vision and key priorities for the upcoming APEC Summit, Kim also shared updates on the Third Senior Officials' Meeting and Economic Leaders' Week.
AmCham Chairman and CEO James Kim remarked that the summit would allow Korea to demonstrate global leadership amid rising geopolitical tensions and rapid technological change.
'With digital innovation, supply chain resilience, and regulatory reform emerging as top priorities, this year's APEC platform presents a powerful opportunity to strengthen public-private collaboration,' he said.
'As a proud member of the APEC CEO Summit Task Force, AmCham is committed to working closely with the Korean government and the Korea Chamber of Commerce and Industry to ensure Korea's host year delivers meaningful outcomes that advance the shared interests of both the US-Korea economic partnership and the broader Asia-Pacific region,' he added.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Korea Herald
8 hours ago
- Korea Herald
Seoul hosts 1st remembrance ceremony for Korean War abductees, vows to address humanitarian issues
The government on Saturday held its first official memorial ceremony for those abducted by North Korea during the 1950-53 Korean War, reaffirming its commitment to resolving long-standing humanitarian issues stemming from the country's division. The inaugural Korean War Abductees Remembrance Day event was held at Imjingak Peace Park in the border city of Paju, north of Seoul. It marked the first official observance of Korean War Abductees Remembrance Day, which was designated by law last year to be held annually on June 28. "Resolving humanitarian issues caused by the division of the Korean Peninsula is a fundamental duty of the state and a top priority," Vice Unification Minister Kim Nam-jung said during a speech at the event. Kim described the issue of wartime abductions as "one of the darkest legacies of division and war," stressing that any future-oriented approach to inter-Korean peace and coexistence must also include efforts to heal past wounds. "We can no longer delay the urgent task of confirming the fate of abducted loved ones and easing the pain carried by their families," Kim said. He added that the unification ministry under the new Lee Jae Myung administration will do its utmost to reduce military tensions on the Korean Peninsula and establish sustainable peace, ensuring that the tragedy of war is never repeated. "We will address the problems born out of national division and war one by one by reopening channels of communication with the North and work to resume dialogue," Kim said. "In moving from confrontation to reconciliation, we will make efforts to heal the pain of national division and suffering of families of wartime abductees." The Seoul government estimates that nearly 100,000 South Koreans have been kidnapped by the North since the war. (Yonhap)
Korea Herald
12 hours ago
- Korea Herald
Seoul official notes uncertainty over whether Trump tariff pause will be extended for S. Korea
WASHINGTON -- A senior Seoul official said Friday that it is still uncertain whether US President Donald Trump's pause on "reciprocal" tariffs on South Korea will be extended next month, as the Asian country has highlighted its commitment to "good-faith" trade talks with the United States. The official made the remarks although the Trump administration has signaled an openness to extending the pause on the new tariffs, which is slated to end on July 8. The tariffs, including 25 percent duties on South Korea, took effect on April 9, but Trump suspended them until July 8 to allow for negotiations. "I don't think we are now in a situation where we can feel assured. It is still not certain as to the degree of possibility that the Trump administration will extend the pause for all countries and continue negotiations when the July 8 deadline comes," the official told reporters in Washington. "Some countries could perhaps reach a deal (with the United States). The pause could be extended for some others, while others could face higher tariffs with the pause not extended for them. So it seems that various possibilities remain open," he added. Earlier in the day, Trump said that he would like to make the pause "shorter," though he still reiterated the possibility of its extension. The official anticipated that the pause could be extended for countries that Washington thinks have demonstrated "good faith" in trade talks, while those that are deemed to have shown a lack of good faith could face some form of penalty. "It is true that there has not been much progress in the trade talks (between Korea and the US) due to the domestic political environment, compared with other countries," he said. "There is still time left -- though it's less than two weeks (until July 8) -- and I understand that President Trump will make the final decision." He was referring to a period of political turmoil in Seoul, which was caused in the aftermath of ousted former President Yoon Suk Yeol's short-lived martial law declaration in December. Less than two weeks into office, Seoul's Trade Minister Yeo Han-koo visited Washington this week and held talks with US Commerce Secretary Howard Lutnick and US Trade Representative Jamieson Greer to discuss tariffs and other related issues. Also this week, the South Korean working-level delegation, led by Deputy Minister for International Trade and Investment Park Jung-sung, had the third round of "technical discussions" with the US on tariffs and other topics. During a press briefing held earlier in the day in Washington, Yeo vowed to make utmost efforts to reach a "mutually beneficial" trade agreement with the US. "During my stay here, I have demonstrated South Korea's good faith and intention to make a mutually beneficial deal through South Korea-US trade talks," Yeo said, noting that he had more than 30 meetings with U.S. government, congressional and other officials in the US capital this week. During the talks with US officials, Yeo stressed trade talks should deal with all reciprocal and sectoral tariffs, including those that the Trump administration is considering rolling out in the future. Seoul has been seeking exemptions from reciprocal tariffs and new duties on steel, aluminum and automobiles. The minister cast the ongoing trade talks as an opportunity for Seoul and Washington to build a new framework for strategic cooperation in various areas, including artificial intelligence, semiconductor, shipbuilding, electric vehicles and nuclear energy. (Yonhap)
Korea Herald
a day ago
- Korea Herald
MINISO Opens Seoul Flagship Store, Taps Interest-driven Consumption with Global IP Partnerships
SEOUL, South Korea, June 27, 2025 /PRNewswire/ -- On June 21, Global lifestyle brand MINISO opened its first MINISO flagship store in South Korea. Located at 429 Gangnam-daero in Seoul's bustling Seocho District, the store introduces a new retail concept blending global IP collaborations with localized Korean experiences. The grand opening marks a significant milestone in MINISO's expansion strategy in Korea, bringing its signature joyful lifestyle products and globally popular IP collaborations to one of Asia's most dynamic retail markets. Spanning two floors and covering over 500 square meters, the standalone building features more than 3,500 SKUs across categories including vinyl plush toys, blind boxes, and accessories. The new flagship store is strategically positioned in the heart of Gangnam-daero, one of Seoul's most vibrant commercial hubs. As the home of Korea's largest health and beauty retail chain, the area is a hotspot for both local consumers and international tourists, particularly those from across Asia. The store's accessibility is further enhanced by its close proximity to one of Seoul's busiest subway stations, with an estimated foot traffic of more than 150,000 visitors per day and direct service from 12 bus routes. As MINISO's first national flagship store in South Korea, the new store represents a significant step forward in the brand's evolution in the market. The new format emphasizes creating immersive brand experiences through dedicated zones for both global and local IP collaborations, enhanced digital interaction points, and thoughtfully curated product selections designed to resonate with Korean consumers. The Seoul flagship paves the way for MINISO's future presence in South Korea, with plans to launch more upgraded stores and expand into prime shopping districts including Myeongdong, Jamsil and other areas. To celebrate the store opening, MINISO launched its hugely popular Stitch Blind Box Series in South Korea for the first time, with the products were quickly snapped up on opening day. The collection features vinyl plush figures of fan-favorite Disney alien Stitch in a series of cute and adorable styles. Already a big hit with Gen Z and millennial audiences worldwide, the collection has taken global markets by storm, making appearances in countries including the United States, United Kingdom, Singapore, Indonesia, Australia, the UAE, and Thailand through a series of pop-up and more. For the store launch, MINISO also organized a series of events, including the release of Stitch vinyl blind boxes and fan meet-and-greets that together added to the lively atmosphere and drove high volumes of engagement. "The debut of the Seoul flagship store further underscores MINISO's commitment to retail innovation and localized consumer experiences for the Korean market," said Vincent Huang, Vice President and General Manager of MINISO Overseas market. "South Korea is an important strategic market both within Asia and globally, serving not only as a testing ground for consumer innovation, but also as the birthplace of new major trends. Success in South Korea, especially among young consumers, will be the ultimate validation of MINISO's interest-driven consumption strategy. The opening of our Seoul flagship marks the official start of this new strategy in South Korea, through which we are not only expanding our store network but using these stores to provide critical insights for MINISO's operations throughout Asia." Following the store opening, MINISO will continue to leverage its IP collaborations and localized retail strategies to accelerate its growth in South Korea. This includes plans to offer Korean consumers a more globally inspired platform of playful and popular products through MINISO's expansion to other prime locations and the brand's first mall store in the Hyundai Group's shopping complex. This will be followed by strategic partnerships with other prominent South Korean retail groups. MINISO's Korean operations will initially focus on high-traffic locations with consumer bases strongly aligned with the brand's target consumers. Through this interest-driven consumption strategy and adaptation to Korea's unique market dynamics, MINISO aims to build a highly localized network that combines scale with cultural relevance.
