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
(END)