Seoul, AMCHAM agree to boost US investment in Korea

The South Korean government and American Chamber of Commerce (AMCHAM) in Korea agreed on Wednesday to boost their cooperation, which will include joint efforts to boost U.S. investment in South Korea. A memorandum of understanding (MOU) to this end was signed between the Ministry of Knowledge Economy and AMCHAM. Under the  agreement, the AMCHAM will take part in future campaigns in the United States by the South Korean ministry to attract U.S. investment to the country while also encouraging its own members here to boost their investment, the ministry said. The ministry, in return, will work to improve conditions for U.S. investment, holding annual meetings with AMCHAM members here, according to (Yonhap) news agency. Despite the global economic slowdown sparked by the eurozone debt woes, U.S. investment in South Korea has been on a steady rise, especially since the countries enacted their bilateral free trade agreement in March. In the first six months of the year, U.S. investment in South Korea reached US$1.26 billion, up 13.1 percent from the same period last year, the ministry said earlier.