By Kim Tae-gyu
President Park Geun-hye said Thursday that the new administration will help foreign companies that have invested here continue normal business activities despite the ongoing tensions on the Korean Peninsula.
She made the comments during her first luncheon meeting with representatives from a dozen foreign companies at Cheong Wa Dae.
“Recently, North Korea has escalated tensions causing concern. But South Korea has achieved outstanding economic development and democratization despite the North’s continuous threats,” Park said.
“We achieved the Miracle of the Han River despite the threat of crises … We will make an environment where overseas firms can invest and do business without any worry.”
Presidential spokesman Yoon Chang-jung said that American Chamber of Commerce (AMCHAM) Chairman Pat Gaines thanked Park for her support of leaders of foreign firms.
He added that South Korea will be able to deal with the current crisis by collaborating with its allies.
AMCHAM President Amy Jackson said the North’s provocations will not cause foreign corporations to leave Korea.
“AMCHAM opened 60 years ago and we have closely cooperated with South Korea through the ups and downs. That will be the case in the future,” Yoon quoted Jackson as saying.
“We will not withdraw from Korea and will remain here. We will send messages to the U.S. head office that we are sure about the business environment in Korea.”
Among the 12 participants were representatives of e-Bay, Google, GE Healthcare, Citibank, Siemens, Standard Chartered Bank, Denso and S-Oil in Korea, who presented their complaints or proposals regarding doing business here.
eBay Korea CEO Park Joo-man said that its core business is in line with the “creative economy,” envisioned by President Park.
He said that the Seoul branch will make efforts to help local vendors sell their products to overseas customers and Park welcomed the idea.
Nasser Al-Mahasher, head of the country’s third-largest refiner S-Oil, promised to increase investment in Korea by up to four times and talked about the problems associated with securing land to build petrochemical factories.
Denso Korea President Yoshio Nakano suggested the Park administration build an industrial complex for automotive components manufacturers to attract more foreign firms to Asia’s No. 4 economy.